New York is a business-friendly state. Empire State Development (ESD), the State's economic development agency, works closely with regional economic development counterparts to ensure that the efforts of businesses in New York are met with success. We are dedicated to customer service, encouraging economic prosperity, and strengthening the State's business community.
Our economic development professionals provide a full range of assistance to companies already established, or looking to establish operations in New York State. ESD professionals can provide companies with comprehensive site and building information; economic and demographic data; quality of life facts; and wage, tax and utility costs. Our services include pointing your business towards tax credit and incentive programs, some of the most generous and competitive in the nation.
Our economic development incentive programs assist businesses that would like to: acquire land, buildings, machinery and equipment; construct or renovate buildings that house business operations; construct or improve infrastructure required for new location or expansion; obtain working capital; train their employees; expand their export opportunities; and enhance their productivity.
Our wide range of tax credits and incentives encourage businesses to increase their capital investments, job creation, research and development, and technological improvements. Our tax credits include Investment Tax Credits (ITC), Research and Development Tax Credits, Sales Tax Exemptions, and Real Property Tax Abatements.
In addition to these incentives, the State operates its Empire Zone Tax Credits. The purpose of the Empire Zones Program is to give companies increasing their employment the opportunity to operate on an almost "tax-free" basis for up to 10 years in designated areas of the State, with additional savings available on a declining basis in years 11 through 15. New York has designated 62 zones that offer these generous incentives.
Other significant changes to New York's business climate include:
- The corporate income tax rate was reduced from 9% to 7.5%.
- The corporate surcharge has been eliminated.
- There is no personal property tax.
- Personal income taxes have been reduced 20 percent.
- Workers' compensation costs have been lowered an average of 37 percent.
- Unemployment insurance premiums have been reduced 33 percent.
- Tax reductions in New York State have saved businesses a total of nearly $8 billion in cumulative tax benefits over the last five years and will generate further savings as the multi-year tax reduction plan continues to take effect.
- Aggressive deregulation of the State's energy providers and special energy discount programs will provide dramatic -sometimes double-digit - reductions in energy costs.