US: New York State

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fDi Editor | 05/01/2005 12:00 am

Within a 750-mile radius of New York is the richest market in the world. The 18 north-east states and parts of two Canadian provinces encompassed in this area comprise half the total US and Canadian population – and half the personal income, wholesale sales, and value of US and Canadian manufacturing shipments. With global business getting ever more complex, New York has a tremendous advantage as an international commercial and technological hub, with skilled professionals advancing innovation, trade and finance every moment of every day. Empire State Development (ESD), the state’s economic development agency, works closely with regional economic development counterparts to provide a full range of assistance to companies already established, or looking to establish operations in New York State. ESD professionals can provide companies with comprehensive site and building information; economic and demographic data; quality of life facts; and wage, tax and utility costs. ESD services guide businesses towards tax credit and incentive programmes that are nationally and globally competitive.

New York State economic development programmes assist businesses that would like to: acquire land, buildings, machinery and equipment; construct or renovate buildings for operations; construct or improve infrastructure for new location or expansion; obtain working capital; train employees; expand export opportunities; and enhance productivity. The state’s wide range of tax credits and incentives encourage businesses to increase capital investments, job creation, research and development, and technological improvements. Tax credits include Investment Tax Credits (ITC), Research and Development Tax Credits, Sales Tax Exemptions, and Real Property Tax Abatements. In addition to these incentives, the state operates Empire Zone Tax Credits, allowing companies increasing employment the opportunity to operate on an almost “tax-free” basis for up to 10 years and benefit from other designated zones features.

Provided by Empire State Development

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