What is an Empowerment Zone?
Empowerment Zones (EZs) originated from the US Department of Housing and Urban Development’s initiative to address high unemployment, crumbling infrastructure, minimal access to business capital and loss of hope in inner cities and distressed rural areas during the past few decades. The initiative assists in offering to residents and businesses of these areas opportunities and resources to overcome seemingly insurmountable problems. The objective is to form relationships between residents, private and public partners to effect positive changes in the community. What does this Empowerment Zone designation mean to my business? The primary benefit to the new Yonkers Empowerment Zone is the opportunity to share in a $17 billion tax incentive package for businesses to locate and expand within these areas. These incentives include wage credits, tax deductions, bond financing and capital gains. Each incentive is tailored to meet the particular needs of a business and offers a significant indu
