ALBANY---Three new Empire Zones - one each in Chinatown and Nassau and Livingston counties---have been created in New York State, the designations being made under legislation enacted last year that authorized the creation of 12 new Empire Zones over the next four years.

"In today's highly competitive global marketplace, New York's Empire Zones have served as a powerful tool in helping us stay one step ahead in our efforts to attract new businesses and create new jobs," Gov. George Pataki said. "By providing Chinatown, and Nassau and Livingston counties with their own Empire Zones, this successful program will better be able to help bring new companies and new jobs to those areas, and help existing companies expand, create and retain jobs."

The Empire Zone legislation enacted last year focuses the program on target areas in need of economic revitalization while providing much needed flexibility to attract or retain regionally significant economic development projects throughout the state.

The Empire Zone benefits will help Chinatown with the creation of commercial space and develop its Office District Development sector. Chinatown's Garment Sector will be supported with zone benefits, helping the district gain a foot-hold in the fashion industry and form a critical mass for fashion and manufacturing. The new zone will encourage partnerships for marketing and workforce development initiatives, and will support the development of a Waterfront park for the community.

The new Nassau County Empire Zone will help the county attract high-tech/high-skilled jobs in the business clusters of biotechnology, software and technology development, high-skilled professionals, service providers, banking and finance, healthcare, and entertainment industries. In Livingston County, the new Empire Zone benefits could be key to recruiting several national level manufacturing firms currently considering locating their operations there.

The Empire Zone program was created to stimulate economic growth through a variety of tax incentives, helping to attract new businesses to New York and enable existing businesses to expand and create more jobs.

In 2001, three new tax credits were added for Qualified Empire Zone Enterprises (QEZE). Businesses operating inside a zone are eligible for a range of significant tax benefits tied to job creation and significant investment. Benefits include tax reduction credits, real property tax credits, sales tax exemptions, wage tax credits, and utility rate reductions. The tax benefits can reduce a company's tax liability to as little as zero.

Today, there are over 9,500 certified businesses employing more than 300,000 people in 72 Empire Zones statewide.

Read the original story at the North Country Gazette website.