> State & Regional Incentives

Empire State Development

Excelsior Jobs Program

The Excelsior Jobs Program provides job creation and investment incentives to firms in targeted industries such as biotechnology, pharmaceutical, high-tech, clean-technology, green technology, financial services, agriculture and manufacturing. Firms in these industries that create and maintain new jobs or make significant financial investment are eligible to apply for up to five tax credits. The Program encourages 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 annually to maintain fiscal affordability and ensure that New Yorkers realize a positive return on their investment.

• Excelsior Jobs Tax Credit: A credit of up to 6.85% of wages per net new job. For a qualified green project or green CHIPS project, up to 7.5% of wages per net new job.

• Excelsior Investment Tax Credit: Valued at 2% of qualified investments. For a qualified green project or green CHIPS project, a credit valued at 5% of qualified investments. For investments in child care services, a credit up to 5% of qualified investments.

• Excelsior Research and Development Tax Credit: A credit of 50% of the portion of the Federal Research and Development tax credit that relates to expenditures in NYS up to credit up to six percent of research expenditures attributable to activities conducted in NYS. For a qualified green project or green CHIPS project, up to eight percent of research expenditures attributable to activities conducted in NYS.

• Excelsior Real Property Tax Credit: Available to firms locating in certain distressed areas (see Investment Zone list below) and to firms in targeted industries that meet higher employment and investment thresholds (Regionally Significant Project).

• Excelsior Child Care Services Tax Credit: A credit of up to 6% of net new child care services expenditures for the operation, sponsorship or direct financial support of a childcare services program.

Regional Council Capital Fund Program

Capital grant funding from the Regional Council Capital Fund is available through the State‘s Regional Economic Development Council Initiative, which helps drive regional and local economic development across New York State in cooperation with 10 Regional Economic Development Councils (“Regional Councils”).

Capital grant funding is available for capital-based economic development projects intended to create or retain jobs; prevent, reduce or eliminate unemployment and underemployment; and/or increase business or economic activity in a community or Region.

Funds can be used acquisition or leasing of land, buildings, machinery and/or equipment; demolition and environmental remediation; new construction, renovation or leasehold improvements; acquisition of furniture and fixtures; soft costs up to twenty-five (25%) of total project costs; planning and feasibility studies related to a capital project.