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.

     * See Investment Zone list below