State Senator John Bonacic (R/I/C - Mt. Hope), today announced that the Governor, Senate, and Assembly have agreed to create a new Empire Zone in Delaware County.
Bonacic discussed the designation again with the Governor approximately two weeks ago. "In the wake of the June flooding, I called the Governor and asked him for two specific things - first, help for our communities, and second, an Empire Zone for Delaware County. He has come through on both counts," Senator Bonacic said.
"An Empire Zone will help retain businesses caused by the flooding and help bring new business to Delaware County. It is a key component of creating and maintaining jobs," the Senator said.
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.
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.
James Eisel, Chairman of the Delaware County Board of Supervisors said, "Senator Bonacic has been totally involved in economic development for Delaware County. The economic impacts that an Empire Zone will bring to our county in terms of job creation and the spin-off of employment is very important to the people of our County."
Glenn Nealis, Delaware County's Economic Developer said, "The Empire Zone will be a vital component of the County's long term economic development strategy of retaining existing large businesses and encouraging the growth and development of our small business base."