City of Troy Home
Monument Square
Empire Zone Program  


The City of Troy is part of the statewide Empire Zone program. The Zone designation allows the city to offer incentives to businesses that locate and expand within the Zone boundaries. For businesses without EZ designation, or that are located outside of the Zone boundaries, the city offers a variety of economic development incentives as well. Incentives for EZ and non-EZ businesses are described below.

Doccuments on this page may require Adobe Acrobat reader. If you do not have this software, you may download a FREE copy from www.adobe.com.

Business Certified
Incentives for business certified in the Troy Empire Zone

 

  1. Wage Tax Credit - A wage tax credit for up to 5th consecutive years is available for hiring full-time employees in newly created jobs. For employees in targeted groups, this credit equals $3000 a year. A minimum credit of $1500 a year is available for all other new employees.
  2. Investment Tax Credit - An investment tax credit is available for the manufacture's purchase of production property and equipment. The credit is 10% for corporate franchise tax and 8% for personal income tax.
  3. Employee Incentive Credit - In addition to the investment tax credit, an employee incentive credit is available to corporations that create new employment. This credit equals 30% of the investment tax credit for each of the following three years in which the investment was made.
  4. New Companies to New York State - New companies to New York State are entitled to a 50% cash refund for both the wage tax and the investment tax credits.
  5. Energy Savings - Niagara Mohawk, a National Grid company offers reduced electric and gas rates to businesses within six months of locating or expanding in the Zone.
  6. Zone Capital Credits - A 25% tax credit against personal or corporate income taxes is available for a direct equity investment in a certified Zone business, or for contributions to approved community development projects within the EZ.
  7. Statewide Zone Capital Corporation Loan Program - Empire Zones from throughout New York State have contributed to an investment pool of more than $100 million. Businesses certified in the Troy EZ can apply to the Corporation for financing through the Troy Empire Zone office.
  8. Sales Tax Refund - Purchases of building materials to be used in the development of commercial or industrial real property located in the EZ are eligible for a refund of NYS sales tax.
  9. Sales Tax Exemption - There is a state sales tax exemption (4%) from business-related expenses. Businesses must meet a required employment test.
  10. Real Property Tax Credit - A tax credit is applied against state business-related taxes based upon a formula of job creation and real property taxes paid.
  11. Tax Reduction Tax Credit - A tax credit is applied against state business-related income taxes based upon a formula of job creation, total business assets, total wages paid, and the applicable tax liability.
  12. Verizon Discount - Verizon offers a 5% reduction on interstate calls. Zone certified business should contact the customer assistance number on their verizon bill.

Business Certification Application Package Information:

Instructions for Completing Application
City of Troy Certification Criteria
Certification Application

Empire Zone Map
Zone Area 1
Zone Area 2
Zone Area 3

 


Other economic development incentives for certified businesses and non certified businesses

 

  1. Energy Smart Community Program - Funding is available for energy audits to help businesses implement energy-efficiency strategies. Assistance available to building owner's is as follows:

    - Energy-efficiency studies
    - Funding to help offset cost of improvements
    - Incentives for low-income units
    - Low-interest loans

    For more information contact the Troy Economic Development office at (518) 270-4589.

  2. Real Property Tax Abatement - The City of Troy offers an abatement from the increase in assessment based on improvements to real property for up to ten years. Download an application or for more information contact the Troy Economic Development office at (518) 270-4589 or the Assessor's office at (518) 270-4535.

  3. Industrial Development Authority - The City of Troy Industrial Development Authority (IDA) continually accepts applications for financial assistance. IDA incentives include:

    - Sales and use tax
    - Exemptions
    - Mortgage recording tax exemptions
    - Real estate tax exemptions

    Download an application or for more information contact the Troy Economic Development office at (518) 270-4589.

  4. City of Troy Economic Development Assistance Program - The City of Troy's Economic Development Assistance Program is a locally administered revolving loan program that accepts loan applications from for-profit business entities located in the City of Troy. The minimum loan amount is $25,000.

    Download an application or for more information contact the Troy Economic Development office at (518) 270-4589.

  5. 50/50 Matching Grant - Funds are available on a 50/50 matching basis for exterior and interior rehabilitation. For more information contact the Troy Planning & Community Development Department at 270-4623. Download an application in PDF format.

    A. Commercial Building Exterior Rehabilitation Program: This program reimburses the owner 50% of the entire building exterior and interior rehabilitation cost on a 50/50 matching basis, up to a maximum of $10,000 per building.

    B. River Street Warehouse Rehabilitation: This program reimburses the owner 50% of the cost of the entire building exterior rehabilitation cost on a 50/50 matching basis, up to a maximum of $25,000 per building.

    C. Broadway Corridor Building Rehabilitation or Waterfront Redevelopment:
    This program reimburses the owner 50% of the cost of the entire building exterior rehabilitation cost on a 50/50 matching basis, up to a maximum of $30,000 per building.

 


Download
NYS Tax Forms and Publications

Corporation Tax Forms

CT-601 Claim for EZ Wage Tax Credit
CT-601 Instructions for Form CT-601

CT-602 Claim for EZ Capital Tax Credit
CT-602 Instructions for Form CT-602
CT-603 Claim for EZ Investment Tax Credit and EZ Employment Incentive Credit
CT-603 Instructions for Form CT-603

CT-604 Claim for QEZE Credit for Real Property Taxes and QEZE Tax Reduction Credit
CT-604 Instructions for Form CT-604
CT-604-CP Claim for QEZE Credit for Real Property Taxes and QEZE Tax Reduction Credit for Corporate Partners
CT-604-CP Instruction for Form CT-604-CP

CT-605 Claim for EZ Investment Tax Credit and EZ Employment Incentive Credit for the Financial Services Industry
CT-605 Instructions for Form CT-605

Individual Tax Forms

IT-601 Claim for EZ Wage Tax Credit
IT-601 Instructions for Form IT-601

IT-601.1 Claim for ZEA Wage Tax Credit
IT-601.1 Instructions for Form IT-601.1

IT-602 Claim for EZ Capital Tax Credit
IT-602 Instructions for Form IT-602

IT-603 Claim for EZ Investment Tax Credit and EZ Employment Incentive Credit
IT-603 Instructions for Form IT-603

IT-604 Claim for QEZE Credit for Real Property Taxes and QEZE Tax Reduction Credit
IT-604 Instructions for Form IT-604

IT-605 Claim for EZ Investment Tax Credit and EZ Employment Incentive Credit for the Financial Services Industry
IT-605 Instructions for Form IT-6

Sales Tax Forms

AU-11 Application for Credit or Refund of Sales or Use Tax
DTF-80 Application for a Qualified Empire Zone Enterprise (QEZE) Certification

ST-102.2 Sales and Use Tax Exemption on Sales to a Qualified Empire Zone Enterprise (QEZE)
ST-120.1 Contractor Exempt Purchase Certificate
ST-121.6 New York State Sales and Use Tax Qualified Empire Zone Enterprise (QEZE) Exempt Purchase Certificate

FT-500 Application of Refund of Sales Tax paid on Automotive Fuels

Publications, Bulletins and Notices

Publication 26 A Guide to Business Tax and Personal Income Tax Credits within Empire Zones

Publication 30 A Guide to Sales and Use Tax Incentive with Empire Zones

Publication 31 Empire Zones Sales and Compensating Use Tax Refund Rate

Publication 718-Q Local Sales and Use Tax Rate on Sales to a Qualified Empire Zone Enterprise (QEZE)

Notice N-01-7 Information for Sales Tax Vendors for Sales Made to Qualified Empire Zone Enterprises (QEZEs)

TSB-M-01(1)S Qualified Empire Zone Enterprise (QEZE) Exemptions (Articles 28 and 29)

TSB-M-01(1)C, (1)I 1/23/01- Qualified Empire Zone Enterprise (QEZE) Tax Credits (Articles 9-A, 22, 32 and 33)

TSB-M-01(1.1)C, (1.1)I 3/8/01-Qualified Empire Zone Enterprise (QEZE) Tax Credits (Articles 9-A, 22, 32 and 33)

 

 

 

 


 

 

 

Home