How does New York help businesses grow and prosper this new year and in the future? The best answer is lower taxes, workers' compensation rates and energy costs.

However, the state has developed additional tools to help businesses stay in and relocate to New York.

The economic development zones (EDZs) program was created in 1986 to stimulate economic growth in the state's most severely distressed areas. In 2000 the program was greatly expanded to create empire zones. Empire zone tax incentives and benefits include wage tax credits, investment tax credits, sales tax exemptions, zone capital credits, utility rate reductions, and special low-interest loans and priority attention by state agencies.

New York State is a recognized leader in high technology research and commercialization as a result of the senate majority's ongoing support for creation of specialized research and development centers, state-of-the-art laboratories, manufacturing process development facilities, and high technology education and training programs. In keeping with its tradition of support for strengthening the state's economy through investment in research and development, the senate majority was instrumental in securing funding for the new Advanced Energy Research and Technology Center and the new Center of Innovation and Excellence in Homeland Security.

Recognizing the importance of ongoing support for the state's tourism industry, in 2006 the state enacted the New York State Marketing Act. Highlights of the legislation include creating a master plan for marketing the state's vast travel and tourism assets, codifying branding and licensing practices for the "I Love NY" brand, and developing a one-stop user friendly travel web site. In addition, the act establishes a new regional tourism marketing grant program, "Explore New York State."

The 2005 budget converted NYSTAR, a state agency, to a public benefit corporation, The New York State Foundation for Science, Technology and Innovation. The conversion will keep the state's existing research and development infrastructure intact, while enabling it to make needed small grants and loans to the state's companies.