Legislature Hears Empire Zone Update The coordinator of the County's Empire Zone Program told legislators the Tompkins County Empire Zone, designated by New York State in 2006, has exceeded expectations during its first full year of operation. The Empire Zone program provides up to ten years of state tax incentives to qualifying businesses which locate or expand within designated Zone areas. A business must meet minimum job creation and investment thresholds, then apply for Zone Certification, with Empire Zone benefits accruing in the form of income tax incentives after the jobs are created and investments made. Businesses apply for Zone Certification based on their projected growth over the next five years, but don't receive any benefits until they've actually created jobs or made capital investments.
From two businesses certified at the end of 2006, employing an average of 131 people with overall annual capital investments of $2.8 million and earning $98,000 in Empire Zone tax credits, Filiberto reported 34 more business certified in 2007, with those businesses projecting 762 new jobs and $91 million in capital investments over the next five years. She predicted dramatic increases in the number of jobs, capital investments and tax incentives earned for the 2007 tax year, arising from last year's significant participation growth.