The tax reduction credit may reduce the company's tax liability to zero, thus eliminating the alternative minimum tax and the fixed-dollar minimum. Property Tax Abatement - Ten year property tax abatements are available for improvements made to real property located within an Empire Zone.
Abatements are full for the first seven years.
Real property tax credits may reduce the company's tax liability below the alternative minimum tax or the fixed-dollar minimum. Unused credits may be obtained as a cash refund in the year in which they were earned. Sales Tax Refund - Purchases of building materials to be used in connection with commercial or industrial real property located in an Empire Zone are exempted from State sales tax through a refund process. Qualifications for some of the Empire Zone Program incentives listed above are based on business structure, job creation factors, company assets, wage compensation ratios, and corporate tax structure. It is important that you discuss your specific business with Potsdam Development Office staff in order to assess what benefits your may be eligible for.