Economic Development Zone/Empire Zone Tax Credits New York State has designated 52 zones as Economic Development Zones/Empire Zones (EZ's), which offer a host of benefits. These include electric discounts, enhanced tax credits for investment and job creation, and additional sales and property tax exemptions.
Investment Tax Credits   New York State offers an Investment Tax Credit (ITC) that is among the most generous in the country. A company can write off 5% of an investment in fixed assets in the year in which the investment is made. The ITC can be carried forward for up to 10 years. Projects located in a New York State Economic Development Zone (EDZ) are eligible for a 10 % ITC. Investment Tax Credit (ITC) Businesses that make new investments in production, property and equipment and create new jobs may qualify for tax credits of up to 10% of their eligible investment. New businesses may elect to receive a refund of certain credits, and all unused credits can be carried over for 15 years.
Investment Research and Development Tax Credit Investments in research and development facilities are eligible for a 9% credit against corporate tax. Additional credits are available to encourage the creation and expansion of emerging technology enterprises including a three-year job creation credit of $1,000 per employee and a capital credit for investments in emerging technology businesses.
No Personal Property Tax Unlike many other states, which tax both real property and personal property, property taxes in New York State are imposed on real property only.
Real Property Tax Abatement To encourage development, expansion and improvement of commercial property, 10-year property tax abatement is available to offset increased assessments due to improvements to businesses and commercial property.
Sales Tax Exemptions New York State offers exemptions for purchases of production machinery and equipment, research and development property, and fuels/utilities used in manufacturing and R&D. Other exemptions may be available through local IDA's.