![]() Tuesday, July 22, 2008 |
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Suffolk Executive’s plan to expand local Empire Zone advances to state |
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HAUPPAUGE - Seeking to develop employment opportunities tied to significant new business projects, Suffolk County Executive Steven Levy has applied for state approval to expand local Empire Zone boundaries. Levy has submitted applications to expand Suffolk’s Empire Zone boundaries to include both Bactolac Pharmaceutical and Mini Graphics, Inc. within the boundaries of the Suffolk County Empire Zone. The two manufacturing corporations recently re-located to Hauppauge and will bring with them at least 50 new jobs each. “Expanding the Empire Zone to include these two businesses would be a win-win-win situation,” said Levy. “The companies would receive tax credits from the state, area residents would receive new job opportunities, and the local economy would get a boost through the location of these companies in our community.” The New York State Empire Zone program was created to stimulate economic growth through a variety of sta te tax incentives designed to attract new businesses to New York State and to enable existing businesses to expand and create more jobs. In 2005, New York State realized that certain industry sectors, specifically manufacturing, high tech and finance, were leaving New York despite the traditional economic development incentives. To address the issue, the State amended the Empire Zone program to include Regionally Significant Project designations, which allow companies to access zone benefits, such as tax credits, no matter where they are located, as long as they commit to a certain level of new employment, leading to the rise of the Suffolk County Empire Zone. |
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