The Watertown Empire Zone Benefits and Incentives

 











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Wage Tax Credit • Sales Tax Refunds • Tax Reduction Credit • Investment Tax Credit
Zone Capital Tax Credits • Sales Tax Exemption


Investment Tax Credit

The ITC is a10% Corporate Tax Credit based on investments made within the Empire Zone for production property (8% credit for Personal income tax).

An additional 3% employment investment tax credit is available for each of the three years following the year in which the credit is taken (corporation only). Taxpayer must employ at least 101% of the average number of people that were employed the year before the investment tax credit was taken.

If a company meets all criteria, the ITC and the EITC combined would amount to up to a 19% refund of the total investment amount.

Eligibility Criteria

  1. Certified Empire Zone Businesses only.
  2. Must meet eligibility for Wages Tax Credit.
  3. Production property, industrial waste treatment and air pollution control facilities, and research and development properties only.
  4. Does not apply to property leased by a taxpayer to someone else.