New York (NY) State Excelsior Jobs Program
The NY Excelsior Jobs Program provides the following refundable tax credits and program benefits for up to 10 years:
1) The Excelsior Jobs Tax Credit: 6.85% of wages per new job created in New York State
2) The Excelsior Investment Tax Credit: based on 2% of qualified investments
3) The Excelsior Research and Development Tax Credit: 50% of the Federal Research and Development credit capped at 3% of research expenditures conducted in New York State
4) The Excelsior Real Property Tax Credit: based on a declining percentage of eligible real property taxes paid. An eligible business must be located in a targeted area or qualify as a regionally significant project
5) The Excelsior Jobs Program Utility Rates program authorizes gas & electric providers to offer discounted rates to program applicants.
The NY Excelsior Jobs Program provides job creation and investment incentives to businesses within the following targeted industries:
Creating or expanding back office operations
Financial service data center/back office operation
Scientific research and development
Alternatively, a business may qualify as a regionally significant project (“RSP”). The Program is intended to encourage businesses to expand in or relocate to New York while maintaining strict accountability standards to guarantee that businesses deliver on job and investment commitments.
Businesses may qualify for four new, fully refundable tax credits. Acceptance in the program is based on filing a successful application with the New York State Department of Economic Development whereby the applicant business makes employment and capital investment commitments to New York state. Tax credits are awarded after the participant business has achieved its commitments.
NY Excelsior Program Eligibility
(Job growth track)
The following chart provides the required employment and capital investment necessary to participate in the Excelsior Jobs Program. The business must project the creation of the net new job threshold shown below or the RSP net new job and capital investment threshold.
NY Excelsior Program Eligibility
A business in a targeted industry that retains at least 50 full-time employees within New York State, makes a significant investment, and achieves a minimum cost benefit ratio of 10:1.
| Targeted Industry
|| Net New Jobs
||RSP Net New Jobs
||RSP Capital Investment
| Creating or expanding back office operations
| Distribution Center
| Financial service data center – back office operation
| Scientific R&D
| Software Development
Our NY Excelsior Job Program Services
Freed Maxick CPAs offers the following services:
- Consultation regarding program eligibility and benefit planning
- Preparation of tax credit projections
- Preparation of application for certification
- Preparation of documentation required to obtain the tax credits
- Preparation of tax credit forms necessary to claim the tax credits
CONTACT US to learn more about our Tax Services.
ABOUT US: Freed Maxick CPAs is Western and Upstate New York’s (NY) largest public accounting firm and a Top 100 firm in the U.S. Freed Maxick provides audit, tax and consulting services to closely-held businesses, public (SEC) companies, not-for-profits and governmental entities in Buffalo, Rochester, Syracuse, Albany and NYC, New York.