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

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

10

In Investment Zone Only

Back office operations/ distribution centers

150

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

 

 

 

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