Zone News
SCHENECTADY/GLENVILLE EMPIRE ZONE COMING TO YOUR AREA
In January 2006, the boundaries (link "boundaries" with zone map) of the Empire Zone, because of a change to New York State Law, were amended to encompass three "distinct and contiguous areas".
In the City of Schenectady, the Zone includes:
- The Central Business district
- Erie Boulevard, Maxon Road Extension and Technology Drive
- Broadway from the Central Business District to the Congress Street
Intersection- The Albany-State Street Corridor from the Central Business
District to Fehr Avenue
In Glenville- O The Route 5 Industrial Park area
In Rotterdam- O Much of the Rotterdam Commerce Park and former Channel 17 lands
If your business has Empire Zone certification, but in not located in the new empire zone boundaries, it is grand-fathered into the program, and may continue to participate, however, the following are not eligible:
Your business, if you reorganize and change your Federal ID number- Any expansion of your business
- New tenants
- New owner
On October 23rd, 2001 the boundaries of the Empire Zone changed to bring incentives to businesses that need them most. Mont Pleasant and the Route 5 corridor have been added into this pro-business New York State Program that was previously limited to the Central Business District, Hamilton Hill, and the Industrial Parks of the City and Glenville.
Businesses that are increasing their employment, or investing in their facility are eligible to receive the following benefits:
- Wage Tax Credit - $1,500 - $3,000 per new employee
- Sales & Use Tax Exemption - ten year exemption from state sales and use taxes
- Tax Reduction Credits - up to 100% of New York State Income Tax
- Real Property Tax Credit - up to 100% of real property taxes
- Low Interest Equipment Loans - 5% initial rate
- Investment Tax Credit - 10% credit for manufacturers constructing or buying facility
- Non-profits - donors eligible for a 25% tax credit
To find out more about the benefits, visit our incentives page.
