Qualified Empire Zone Enterprize (QEZE) Benefits Real Property Tax Credit Available for an EZ certified business which is also a QEZE and meets the annual Employment Test. The credit is applied against business corporate tax, personal income tax, banking corporation tax, or insurance corporation tax of an EZ certified business for facilities located within a zone. The credit is for 14 years -- the first 10 at 100%, decreasing 20% each year thereafter, starting from the date of certification. If the credit reduces the business tax liability below the alternative minimum tax or the fixed dollar minimum, the unused credits may be requested as a CASH REFUND in the year they were earned. For all businesses certified on or after 8/1/02, the real property tax credit will be capped at the greater of $10K times each new employee, or 10% of the QEZE's federal basis multiplied by the QEZE's % of physical occupancy of the zone property, or 10% of the QEZE's federal basis multiplied by the percentage of that basis attributable to construction, rehabilitation or expansion of the zone property (if the construction, et al. % is 50% or greater, than the % is deemed to be 100%. For more information, call the NYS Department of Taxation and Finance QEZE Helpline at 1-888-372-0020 or go to:   NYS Department of Taxation & Finance   Tax forms and instructions   Other QEZE benefits: Sales Tax Exemption Tax Reduction Tax Credit