| IMPORTANT NOTE: The Empowerment Zone program ended on December 31, 2011. The credits described below can be claimed only for periods prior to January 1, 2012. |
|
|
|
|
|
|
|
|
| What is the Empowerment Zone? |
| The Empowerment Zone program offers federal tax incentives to companies that operate within specially designated areas. In the Syracuse metropolitan area, the zone includes several industrial parks in Onondaga County, and selected census tracts within the City of Syracuse. |
|
|
|
|
|
|
| Components |
|
|
|
Wage-based Credits
|
|
|
|
|
• |
Employment Credit of up to $3,000 per eligible employee |
|
|
|
|
•
|
Work Opportunity Tax Credit of up to $2,400 per eligible employee |
|
|
|
Investment Incentives
|
|
|
|
|
•
|
Tax-exempt bond financing for major projects |
|
|
|
|
•
|
Increased Section 179 Deduction |
|
|
|
|
•
|
Capital Gains Exclusion |
|
|
|
|
|
|
| For more information contact Rebecca Klossner by phone at (315) 448-8471, fax (315) 435-3669 or email at rklossner@ci.syracuse.ny.us. |
|
| Find out if Syracuse's Empowerment Zone will benefit you! |
| To find out if a business is located in the Empowerment Zone, or to verify if an employee lives in an Empowerment Zone target neighborhood, go to the Address Locator page on the US Department of Housing and Urban Development website, listed under the Community Renewal Initiative. Use this link: http://egis.hud.gov/ezrclocator |
