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Joining Senator Bruno at the announcement are (left to right): Assemblyman James Tedisco, Anita Daly-Chairwoman of Saratoga Board of Supervisors, Congressman John Sweeney, and Governor Pataki. |
Zone Will Help Create New Jobs And Promote Economic Growth
Tuesday, December 18, 2001
Senate Majority Leader Joseph L. Bruno was joined by Governor George E. Pataki in announcing the creation of a new Empire Zone in Saratoga County. Establishing this economic development zone will help attract new investors and promote economic expansion in the region.
"Throughout New York, the Empire Zone program is providing tax credits and other incentives that have successfully lured new companies, creating new jobs and new prosperity for area residents," said Senator Bruno. "The creation of this new Empire Zone in Saratoga County, one of my top legislative priorities this year, will help us build on the sensible investment we have already made in this area and continue one of the true economic success stories of Upstate New York."
Empire Zones are designated areas throughout New York consisting of a maximum two square miles that offer significant incentives to encourage economic development, business investment and job creation. Businesses operating inside a zone are eligible for a range of tax benefits that are applied against new capital investments. Benefits include tax reduction credits, real property tax credits, sales tax exemptions, wage tax credits, and utility rate reductions, among others. The tax benefits can reduce a company�s tax liability to as little as zero.
The Saratoga County Empire Zone encompasses nineteen development areas totaling 1,214 acres. Included are the towns of Day, Corinth, Edinburg, Hadley, Moreau, Wilton, Milton, Ballston, Malta, Halfmoon, Stillwater, Clifton Park, and Waterford; the cities of Saratoga Springs and Mechanicville; and the villages of Schuylerville, Victory, South Glen Falls, and Corinth.
"The approval of this Empire Zone is yet another important step in our commitment to promote the economic growth of Saratoga County and improve the quality of life for its residents," said Senator Bruno. "Saratoga already has tremendous resources in its rich history, strong infrastructure, and active community. This new Empire Zone provides yet another valuable resource to make Saratoga an even more attractive place for investors and businesses."
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