This interesting article caught my eye this afternoon. Empire Zones are areas ranging from cities to counties in New York in which new businesses receive a number of state tax benefits. As a CEO from Plattsburgh said once, "If I buy a paper clip, it's state tax free." This is a phenomenal program, as it provides state tax relief to small companies who need to conserve cash, provides tax incentives for hiring new employees, etc. Here's the official Empire Zones site.
I think the Assembly, Senate, and Governor should do everything in their power to extend this program to 2015, as proposed. The current agreement would extend it to 2015, plus make a number of additional, positive changes to the program. One of the changes proposed will tie more closely the relationship between incentives and job creation.
From a venture perspective, this is a critical program for us in New York. I'm going to send a quick note to my Assemblyman tonight.
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