Overview of Benefits
New York's Empire Zone program is among the most generous business incentive programs in the nation. New or expanded businesses located in the Franklin County Empire Zone can qualify for cash and tax benefits that reduce or eliminate business taxes.
Most businesses certified prior to April 1, 2005 are eligible for the following benefits for up to 15 years. For businesses certified after this date the benefit period is 10 years and some formulas for determining eligibility and computing benefits have been changed.
Located In Franklin EZ (Certification Not Required)
Sales Tax Refund
Refund of the 4% New York State Sales Tax towards the purchase of building materials for construction and/or renovation of industrial and commercial property, not used exclusively for retail sales.
Certified Franklin EZ Business
Investment Tax Credit (ITC)
A tax credit is available for businesses that make new investments in production, property and equipment. Credit is 10% of the cost for business corporations; 8% for personal income tax.
Employment Incentive Credit (EIC)
Tax credit equal to 30% of the ITC is available in each of the three years following an Investment Tax Credit when the number of employees is at least 101% of the number employed in the EZ prior to the year the ITC was claimed.
Wage Tax Credit (WTC)
Tax credit for each new full time job is available for up to five years. For employees in special targeted groups, this credit equals $3,000 per year, with a credit of $1,500 per year for all other new hires. More information on this credit can be found at the New York State Department of Labor.
New Business Refund
A new business may take up to 50% of unused ITC, EIC and WTC as a refund. Other businesses may carry forward unused credits indefinitely.
Reduced Utility Rate
Reduced rates on electricity and phone service are available for new and expanding businesses.