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News from the Supervisor


 

Press Release: Supervisor Gromack Supports Empire Zones and Tax Incentive Credits for Businesses

Supervisor Gromack Supports Empire Zones

For Immediate Release

February 8, 2010

 

Supervisor Gromack Supports Empire Zones and Tax Incentive Credits for Businesses

 

(New City, NY)- Supervisor Alex Gromack is calling on Governor David Paterson and State leaders to extend the Empire Zone program and the Investment Tax Credit, both of which are set to expire in June. 

 

“The Governor and Legislature must act now to ensure this critical program is kept in place for businesses that bring jobs and tax stabilization to Clarkstown and Rockland,” said Supervisor Alex Gromack.  “To allow these programs to expire is irresponsible.”

 

According to the NYS Empire State Development Corporation, Empire Zones were created to stimulate economic growth through a variety of tax incentives designed to attract new businesses to New York and to enable existing businesses to expand.  Currently the enhanced Investment Tax Credit (ITC) is available to manufacturers under the Empire Zone program for production equipment related to the manufacture of product at the zone location.  The State’s Tax and Finance Department has opined that the ITC will no longer be available to certified businesses after the Empire Zone program sunsets in June.  These businesses were promised this incentive when they made their investment.  

 

“This is a downgrade of incentives,” said Supervisor Gromack.  “Most concerning is that it may force those who planned to expand or move to New York, to change their plans,” said Supervisor Gromack.  “In these difficult economic times, we should be promoting a business friendly environment, not taking away the very incentives businesses seek that make New York attractive.”

 

The Town of Clarkstown has an Office of Economic Development dedicated to assisting small and large businesses to succeed and is an active promoter of the benefits of the Empire Zones located in Clarkstown on Route 303, in Congers and Valley Cottage, and Overlook Blvd.  The office also provides businesses with information and technical assistance about government sponsored grant and loan opportunities and assists businesses interested in starting, relocating, or expanding to navigate through the needed government approval process. 

 

The Empire Zone program has been very successful in the Town of Clarkstown and has helped secure and attract businesses to our area.  Currently, there are 17 businesses in Clarkstown either working within the program or in the application stages.  These businesses are home to hundreds of jobs that the Town relies on.  

 

“In this economic climate we have to remain competitive.  New Jersey’s Governor recently received a report from the Economic Development Subcommittee of his transition team and they are recommending a 20% ITC among other incentives.  New York State cannot be left behind,” said Supervisor Gromack.  New York State offers a 10% incentive.   

 

According to the Rockland Economic Development Corporation, the State’s ITC cut could destroy two attraction projects in Rockland with 300 jobs and another eight expansion projects with 311 jobs and more than $4.1M in investment.

 

“I strongly urge our State leaders to extend the Investment Tax Credit,” concluded Supervisor Gromack.  “This aspect of the Empire Zone is imperative to helping local municipalities, like Clarkstown, continue to be business friendly.”

 

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