Genesee County gets new "Tax-Free" Empire Zone

A new Empire Zone has been approved for Genesee County - a step that will create 601 new jobs and retain 56 existing jobs, while also generating more than $57.1 million in new investment. This new zone provides essentially tax-free status for certain areas within Genesee County to help facilitate new private-sector investment, job creation and economic growth for the local community, according to NYS Governor George Pataki.

According to local county officials, six companies have plans to invest $57.1 million and create 601 new jobs, while retaining 56 jobs. Among the employers that will benefit from the new Empire Zone are: IFP North America, New York Inc., which plans to invest $35 million and create 300 new jobs, and Hampton Inn, which plans to invest $2.1 million and create 15 new jobs, while retaining eight jobs.

Assembly Minority Leader Charles H. Nesbitt said, "The creation of an Empire Zone in Genesee County will deliver hundreds of good-paying jobs for Genesee County and has been among my top economic development priorities. The tax cuts and other benefits of the Empire Zone are a valuable and timely investment in the future of our community. I congratulate Governor Pataki and State economic development officials on this new designation and look forward to continuing to work with local government and business leaders to ensure the success of this new Empire Zone."

Empire Zones are designated areas throughout the state consisting of a maximum of either two square miles, or 1,280 acres, or one square mile, or 640 acres, that offer significant incentives to encourage economic development, business investment and job creation. Businesses operating inside a zone are eligible for a range of tax benefits that are applied against new capital investments. Benefits include tax reduction credits, real property tax credits, sales tax exemptions, wage tax credits, and utility rate reductions, among others. The tax benefits can reduce a company's tax liability to as little as zero.

The Genesee Empire Zone will have acreage in the City and Town of Batavia and surrounding areas.