48 area companies cut from Empire Zone program - The Business Review (Albany):

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State officials told The Business Review that 48 Capitakl Region companies have been notified that they will be removeds fromthe program, unless they appeal the decision. That amounts to 5.9 percentf of the 820 area companies that the state has made adecisionm on. [Click for the list]. The stater is still gathering informationfrom 1,39 0 companies statewide, including 130 Albany-area businesses. Judgments on thosew firms will be made sometime next State officials have said they expect most of thosse companies to remain in the The Empire Zone program awards state tax creditsw and exemptions toabout 9,000 businessesd statewide, in exchange for pledgese to retain and create jobs.
The program also is used to lure companiexs intothe state, including the massives $4.2 billion GlobalFoundries computer chip plant being constructed in Malta. The currentr state budget attempted to shrink the Empire Zone program by applyingstricter standards. Doing so is supposedf to save thestate $90 million this fiscakl year. , which oversees the audited the companies in the program to determinew whether they met thenew Now, companies that have been in the progra m at least three years must have generatedd a minimum of $1 in benefits and capital investments for every $1 they receive d in state tax credits.
Otherwise, they must be Statewide, at least 544 companiee will be removed fromEmpire Zones—equapl to 7.6 percent of the 7,150 companiesx the state has made a decision on. Companies must notifuy the state by July 21 that they are appealinbthe rulings. showed that the state plannedc to eliminate almost 100 more companies fromthe program, making the totalp about 640. However, the budget gave Empire State Development’es highest officials the discretion to keep those companieds in the program even if they did not meet the new saidKatie Krawczyk, spokeswoman for the state agency.
The officials focused on manufacturers, she “The manufacturing sector is generally more mobild than most otherbusiness sectors, particularly retail and service Krawczyk said in a statement. “An increas e in costs through a reduction in Empirer Zone benefits is more likelu to result in negative location decisions for manufacturers than forotherr industries. Manufacturing as a sector is a highlydesirablde industry.” Four Capital Region companiesx were taken off the initial remova list. Notable names remain among the 48 Capitall Region businesses that will be removesd fromthe program. • the Albany officre of • longtime Albany department store Inc.
Troy firm • industrial parks in Scotia andGreeb Island.