Zone
Capital Credit
Community development
projects are specific capital (fundraising) projects proposed by not-for-profit,
501 © (3) agencies. The not-for-profit can request an approved allocation of
the 25% NYS Zone Capital Tax Credits from the Zone Administrative Board to
support their fundraising when a project helps further the Zone Development
Plan. NYS donors, private and corporate, would then earn a 25% tax credit for
their cash contributions to the not-for-profit who would use the contributions
for a specified purpose.
Potential projects
authorized by NYS include:
·
Child care programs serving Zone
residents and businesses;
·
Projects in direct support of
economic development and business revitalization activities, such as commercial
revitalization projects; and
·
Business development activities of
local development corporations.
The Greater Jamestown
Empire Zone has used these credits for projects in the Renewal Community
and the Zone to improve the overall economic and social climate of these areas with pervasive poverty, high
unemployment and general economic distress. Not-for-profit projects that expand
tourism and employment for residents will also be targeted.
The Zone Administrative
Board will collaborate with all partnering agencies to prevent or discourage the
displacement of residents of the Zone.