posted on June 17, 2010 14:13
New York State will reportedly eliminate its Empire Zone program, essentially killing Upstate’s engine for economic development.
Steve Hyde, President of the Genesee County Economic Development Center, says this cut shows that New York is trying to save its way back to prosperity; Hyde says Empire Zone has often helped attract new business to Genesee County, including Cox Conversions, a contract just recently finalized on Treadeasy Avenue.
Empire Zone enables a 10-year system of tax breaks for businesses.
It may be cut as soon as the end of the month.
Empire Zone will be replaced by a 5-year program called Excelsior Jobs. Hyde says that program is "incredibly watered down and won't be effective."