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Incentives

Hudson Valley Economic Development Corporation works with local Industrial Development Agencies and Empire State Development Corporation to make sure your company has access to all the financial incentive opportunities that may be available to you.

Empire Zones
The New York State Empire Zones Program makes it possible for qualifying companies to eliminate or receive refunds on all state taxes for a period of 10 years, with the exception of payment of 25% of real property taxes. New applicants must satisfy a cost-benefit analysis of at least 10:1 for manufacturers and 20:1 for all other business enterprises. Manufacturers that create at least 50 new jobs can now be considered “regionally significant.” This allows the companies to locate outside of designated Empire Zones and still receive full Empire Zone benefits.

Click here for details.

Financial Assistance
New York State offers tailor-made financial incentives through direct loans, grants and interest rate subsidies to assist with:

Acquisition of land, building, machinery and equipment.
Construction or renovation of buildings for business.
Infrastructure construction or improvement.
Working capital.
Employee training.
Export expansion opportunities.

Tax Credits and Exemptions
A host of tax credits and exemptions are available to qualified businesses:

Up to 10% capital investment tax credits for manufacturers.
Up to 9% research and development tax credits.
Up to 19% tax credits in distressed Empire Zones.
No personal property tax and no sales tax on production equipment, R&D property and fuels and utilities used in manufacturing or R&D.

Click here for a PDF of this page.

Hudson Valley Economic Development Corporation
4 London Avenue, Suite 100 • New Windsor, NY 12553
845.220.2244 • Fax: 845.220.2247