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New York Readopts Emergency Rule to Enact Excelsior Jobs Program

The Department of Economic Development has readopted emergency rule 5 NYCRR Parts 190 through 196, effective November 13, 2013, to implement the Excelsior Jobs Program. This program adds definitions, procedures to claim the credit, and incorporates other changes and amendments to strengthen the program. 

Excelsior Jobs Program In a Nutshell
The Excelsior Jobs Program of New York provides incentives to these targeted industries: biotechnology, pharmaceutical, high-tech, clean-technology, green technology, financial services, agriculture and manufacturing. 

There are four tax credits available to firms in these industries if they meet requirements related to creating and maintaining new jobs and/or making significant financial investments in the state. The intent is to encourage businesses to expand or relocate to New York. The state has established a maximum program credit of $500 million per year, so it is important to act fast. Also note that if you are currently part of the Qualified Empire Zone Enterprise Program you must cease participation in that in order to qualify for these credits.

The four tax credits available are as follows (each is fully refundable and available over a ten-year period subject to the cap mentioned in the preceding paragraph):

1) The Excelsior Jobs Tax Credit: A 6.85% credit of wages per new job to cover a portion of the associated payroll cost. 
2) The Excelsior Investment Tax Credit: A 2% credit on qualified investments. 
3) The Excelsior Research and Development Tax Credit: A 50% credit of the Federal Research and Development credit up to 3% of research expenditures in NYS.
4) The Excelsior Real Property Tax Credit: For firms locating in certain distressed areas and to firms in targeted industries that meet higher employment and investment thresholds (Regionally Significant Project).

The Department of Economic Development has published a Fact Sheet located here. It contains a table highlighting the eligibility criteria as well as links to the application process. It is important to note, as with any other credit program, that each business should review the pros and cons of their specific situation before signing up for this program. An accounting firm such as Allyn can help with this.

How Can We Help? 
Allyn’s tax team is staffed with seasoned tax professionals experienced in all aspects of multi-state and local tax compliance and consulting for large US and global corporations. We use that experience to your advantage. Contact us and we can provide a customized cost-effective solution to meet your company’s needs in New York State or any other state. For further information on Allyn Tax services, please contact:


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