The Kingston-Ulster Empire Zone (the “Empire Zone”) is a locally administered program that provides New York State Tax Credits and financing to businesses in the Empire Zone. Since the Empire Zone was originally designated in 1994, many enhancements have broadened the reach of the Empire Zone and improved the benefits available to businesses. While the Empire Zone initially included portions of the City of Kingston and the Town of Ulster, it now includes portions of the Towns of Saugerties, Wawarsing, Lloyd, Marlborough and Olive and the Villages of Ellenville and Saugerties. Additional locations and municipalities can also benefit from the Empire Zone through future revisions to the boundaries.
Tax credits and exemptions available to Zone Certified Businesses include:
- Wage Tax Credits on new hires
- Investment Tax Credits on manufacturing equipment and facilities
- Tax Reduction Credits applied directly toward NYS Income/Franchise Tax
- Real Property Tax Credits
- New York State Sales Tax Exemption.
Job creation is critical in accessing the credits, although capital investment can provide benefits. These performance-based credits increase for a company as their employment or investment goes up. The greater the company’s growth, the larger the benefit.
As of today, 200 Zone Certified Businesses have accessed the Empire Zone programs and have invested over $150 million and created more than 2,000 net new jobs in Ulster County.
Limited financing is available through the Empire Zone in cooperation with Statewide Zone Capital Corporation. This funding source can help provide needed capital to close a gap and complete the financing package.
The Empire Zone also can help not-for-profit agencies with their fund-raising activities by providing New York State Tax Credits on donations made to the not-for-profit organization.
For further information on the Empire Zone and its programs contact Catherine A. Maloney, Zone Coordinator, Kingston/Ulster Empire Zone, City Hall, 420 Broadway, Kingston, New York 12401-4626 or 845-334-3962, 845-334-3976 (fax), locate@kingstonez.com. You may also visit the Empire Zone website at www.KingstonEZ.com.
