Navigating New York”™s sometimes complicated Empire Zone program can be a difficult process.
For that reason, the Mount Vernon Chamber of Commerce in conjunction with the Westchester County Association last week conducted an informational seminar for its members on various ways to utilize the Mount Vernon Empire Zone.
Martin Rego, chairman of the Mount Vernon Chamber of Commerce, said many businesses that could be receiving zone benefits are not, because they may not know how to handle the application process.
“There”™s been much confusion in the past year in Mount Vernon about the Empire Zone program,” he said.
The program has recently been extended through June 30, 2011 by the state Legislature.
Among the zone benefits discussed were the tax credits available for up to five consecutive years for zone-qualified companies hiring full-time employees in newly created jobs.
Zone business that create new jobs and make new investments in property and equipment can qualify for tax credits up to 19 percent of that investment.
Also discussed were wage tax credits and investment tax credits available to businesses.
A sales tax exemption on investment in real property is available to some qualified businesses, said Dave Lindhurst of the New York state Department of Taxation and Finance, who called it an aspect of the program that many don”™t know about.
He said some zone-qualified businesses can receive a sales tax credit up to 4 percent on state sales tax for any items incorporated into upgrading or renovating a commercial or industrial property.
Each county in the state also has the option of offering a similar county sales tax credit for such projects. Westchester currently does not, he said.
Angela Pauling, an employer services representative for the New York state Department of Labor (DOL) regional office in White Plains, urged employers to take advantage of the services the agency offers.
She said employers can list their job openings for free with the DOL and can use its data to target potential employees who could help the business receive tax credits under the state”™s “work opportunity tax credit” program. That program is designed to help find employment for the disabled, welfare recipients, ex-felons and others.
For more information on tax incentives offered through the Empire Zone program, visit www.nystax.gov or call (888) 372-0020.
