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The Empire Zones (EZ) Program, formerly known as the Economic Development Zones
Program, was created by New York State in 1986 to stimulate economic growth in a number of
the State's economically distressed areas. Through the enactment of this program, these
target areas were designated "Economic Development Zones" (EDZ). New
legislation in 2000 renamed and enhanced the Economic Development Zones Program. It
became the Empire Zone Program and zone certified businesses could become Qualified Empire
Zone Enterprises or "QEZE's." This entitled a QEZE business to enhanced
benefits. During the 2005 budget process, additional changes were made on how
benefits were calculated and the legislation expanded on certain qualifying factors, but
some benefit terms were reduced. Unlike most zones designated by census tracts, the Suffolk County/Town of Riverhead's zone was established based on the closure of the former Naval Weapons Industrial Reserve Plant in Calverton. The area now known as Enterprise Park at Calverton. The EZ program offers such areas through a variety of financial incentives and economic development benefits designed to attract new businesses and to enable existing businesses to expand, create new jobs and encourage private investment within the designated zones.. Specific benefits that the program provides are a combination of tax credits, reduced utility rates, authorization for special low-interest loans, and priority attention from State agencies for new and expanding businesses. Not in a zone??? |
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