NYS Excelsior Jobs
Program
Overview of
Benefits
The Excelsior Jobs Program will provide job
creation and investment incentives to firms in such targeted industries as
biotechnology, pharmaceutical, high-tech, clean-technology, green technology,
financial services, agriculture and manufacturing. Firms in these strategic
industries that create and maintain new jobs or make significant financial
investment will be eligible for up to four new tex credits. The Program will
encourage businesses to expand in and relocate to New York while maintaining
strict accountability standards to guarantee that businesses deliver on job and
investment commitments. Program costs are capped at $250 million annually to
maintain fiscal affordability and ensure that New Yorkers realize a positive
return on their investment.
Tax
Credits
Firms in the Excelsior Jobs Program may qualify
for four new, fully refundable tax credits. Businesses claim the credits over a
five year period. To earn any of the following credits firms must first meet and
maintain the established job and investment thresholds outlined in Program
Eligibility below:
The Excelsior Jobs Tax Credit: A
credit of between $2,500 and $5,000 per new job to cover a portion of the
associated payroll cost.
The Excelsior Investment Tax
Credit: Valued at two percent of qualified
investments.
The Excelsior Research and Development Tax
Credit: A ten percent credit for new investments based on the Federal
Research and Development credit.
The Excelsior Real Property Tax
Credit: Available to firms locating in certain distressed areas and to
firms in targeted industries that meet higher employment and investment
thresholds.
Program Eligibility
The Program is limited to firms making a
substantial commitment to growth - either in employment or through investing
significant capital in a New York facility. The Job Growth Track makes-up 75% of
the Program and includes all firms in targeted industries creating new jobs in
New York. Twenty-five percent is set aside for the Investment Track firms who
have atleast 50 employees and make significant new capital investments in a New
York facility and which meet a benefit-cost threshold of atleast $10 of
investment and new wages for every $1 of tax credit.
As detailed in the charts below, every firm in the
program is eligible to apply for the Jobs Tax Credit, the Investment Tax Credit,
and the R&D Tax Credit. Only certain categories of firms are eligible to
also apply for the Real Property Tax Credit
No benefits will be provided if a firm fails to
meet its job and investment commitments.
Job Growth Track
Minimum Employment Increases for
Participants |
| Strategic Industry |
Three Excelsior Tax
Credits |
Excelsior Tax Credits with
Real Property Tax Credit* |
| Manufacturing |
25 |
25 in Investment Zone OR 50 with significant
investment |
| Agriculture |
10 |
10 in Investment Zone OR 20 with significant
investment |
| Financial Services data center/financial services back
office |
|
100 in Investment Zone OR 300
with significant investment
|
| Scientific R&D |
10 |
10 in Investment Zone OR 20 with significant
investment |
| Software development including new media |
|
|
| Back office operations/ distribution centers |
|
150 in Investment Zone OR 300 with significant
investment |
* See Investment
Zone list below
Investment
Track
Firms in
Strategic Industries who make significant capital investment & have and
retain atleast 50 employees
|
Minimum Benefit Cost
Ratio = 10:1 |
Total investment, wages and benefits : Excelsior Jobs Program
Tax Credits |
|
