 |
|||||
 |
 |
||||
 |
 |
||||
          
|
This is the only EDZ in Westchester County What Benefits does this program provide?STATE TAX INCENTIVES / ASSISTANCE PROGRAMS:Wage Tax Credit | ||||
A 50% refundable wage tax credit for up to five years for hiring full-time employees in newly created jobs. For employees in specially targeted groups, this credit equals $1,500 a year, with a credit of $750 a year for all other new hires.
Investment Tax Credit
A refundable tax credit of 8% to 10% is available based on investments made in an EDZ. This credit is available under the corporate franchise tax and personal income tax. In addition, a second credit is available for each of the three years following the year in which the investment tax credit is taken against the corporate franchise tax. The prerequisite for this second credit is that the taxpayer employ at least 101% of the average number of people that were employed the year before the investment tax credit was taken.
Sales Tax
Purchase of building materials to be used in connection with commercial or industrial real property in a Zone is exempted from State sales tax through a refund process.
Special Zone Electric and Gas Rates
Special Zone electric and gas rates allow investor-owned utilities to provide power to businesses in Zones at the incremental cost of providing such power. These new rates, which represent a substantial reduction, are available from local utilities upon application and approval by the State Public Service Commission.
Business Permit Assistance
The New York State Office of Business Permits and Regulatory Assistance provides business permit assistance to Zone businesses.
LOCAL TAX INCENTIVES / ASSISTANCE PROGRAMS:
Property Tax Abatement
The City of Yonkers
offers a
substantial enhancement of existing local property tax relief to businesses or residents
that construct or improve real property in a Zone under Section 485-e of the Real Property
Tax law. Property owners may receive a 50% exemption from increases based on such
improvements for up to five years. The exemption is scaled down to zero over the final
years of the life of the exemption.
Financial Assistance
The Yonkers Industrial Development Agency (YIDA) will give priority in bonding to businesses located within the EDZ. The Yonkers Local Assistance Corporation (YLAC) offers financial assistance to businesses within the Community Development Target Area and the EDZ. YLAC provides interest subsidy grants to businesses receiving conventional bank loans for start-up and working capital. The YLAC Loan Administrator acts as liaison in sponsoring loans made through other agencies such as the Job Development Authority, Urban Development Corporation and Small Business Administration.
Workforce Skills Training
The EDZ Program offers referrals to local, County and State job training and placement agencies in the area, and assistance in obtaining funding for skills training for Zone businesses.
Technical Assistance
The City of Yonkers EDZ Program facilitates the delivery of technical assistance to Zone businesses. Some of the services that are available include development and review of business plans; training programs; marketing; preparation of Applications for State Grants; Loan Information Assistance and Export Assistance.