New York Codes, Rules and Regulations › Title 5 - DEPARTMENT OF ECONOMIC DEVELOPMENT › Chapter II - ECONOMIC DEVELOPMENT ZONES › Part 11 - Certification Of Business Enterprises › Section 11.1 - Purpose and general description

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				purpose of this Part is to set forth the application process for certification
				of business enterprises as eligible for benefits pursuant to article 18-B of
				the General Municipal Law.
(b) A
				business enterprise which operates a facility in an empire zone and which is
				certified pursuant to this Part may be eligible for one or more of the
				following benefits, providing all applicable statutory criteria have been
				satisfied:
(1) a reduction in utility costs,
				assessed prior to 1994, of certain businesses other than those primarily
				engaged in the retail sale of tangible personal property, pursuant to section
				186-a.8 of the Tax Law;
(2) an
				investment tax credit against the franchise tax on business corporations
				pursuant to section 210.12 -B and an employment incentive credit pursuant to
				section 210.12 -C of the Tax Law;
(3) an investment tax credit against the
				personal income tax pursuant to section
				606 (i) and (j) of the Tax
				Law, and an empire zone employment incentive credit pursuant to section
				606 (i) and (j)-(l) of the
				Tax Law;
(4) an empire zone wage
				tax credit against the franchise tax on business corporations, the personal
				income tax, the franchise tax on banking corporations and the franchise tax on
				insurance corporations pursuant to sections 210.19,
				606 (i) (k),
				1456 (e) and
				1511 (g), respectively, of
				the Tax Law;
(5) an empire zone
				real property tax credit against the franchise tax on agricultural cooperatives
				pursuant to section
				187-j of the Tax Law, an empire zone
				investment tax credit against the franchise tax on agricultural pursuant to
				section 187-k of the Tax Law,
				the empire zone employment incentive credit against the franchise tax on
				agricultural cooperatives pursuant to section
				187-l of the Tax Law, and the empire zone
				wage tax credit against the franchise tax on agricultural cooperatives pursuant
				to section 198-m of the Tax Law;
(6) a special empire zone rate for gas or
				electric service equal to the incremental cost of providing such service
				pursuant to section
				66
				(12-c) of the Public Service Law. Such empire
				zone rates may remain available to certified business enterprises for a period
				of up to 10 years following initial certification, unless such certification is
				revoked, notwithstanding the expiration of the designation of an empire
				zone;
(7) a qualified empire zone
				enterprise credit for real property taxes pursuant to sections
				14,
				15,
				210 (27),
				187 (j),
				606 (bb) (i),
				1456 (o) and
				1511 (r) of the Tax
				Law;
(8) a qualified empire zone
				enterprise tax reduction credit pursuant to sections
				14,
				15,
				210 (28),
				606 (i) (cc),
				1456 (p) and
				1511 (s) of the Tax Law;
				and
(9) a qualified empire zone
				enterprise sales and use tax exemption pursuant to sections
				14 and
				1115 (z) of the Tax
				Law.