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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 |
Additional
Information
For
additional information on this program please contact:
Essex County IDA
P.O. Box 217
7566 Court Street
Elizabethtown, NY 12932
|
