Firms in the Excelsior Jobs Program may qualify for four 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 Eligibility Criteria below:

The Excelsior Jobs Tax Credit

- A credit of up to $5,000 per new job to cover a portion of the associated payroll cost.

The Excelsior Investment Tax Credit

- Valued at two percent (2%) of qualified investments.

The Excelsior Research and Development Tax Credit

- A ten percent (10%) 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.

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 comprises 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 at least 50 employees and make significant new capital investments in a New York facility and which meet a benefit-cost threshold of at least $10 of investment and new wages for every $1 of tax credit.

As detailed in the charts below, every firm approved for participation 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. Participation in the Program and the amount of credits authorized is at the discretion of the Commissioner. No benefits will be provided if a firm fails to meet its job and investment commitments.

*Investment Zones are the former Empire Zones

Total investment, wages and benefits ($) : Excelsior Jobs Program Tax Credits ($)

Firms in Strategic Industries who make significant capital investment & have and retain at least 50 employees

Minimum "Benefit:Cost Ratio" = 10:1

Investment Track:

Job Growth Track:

The Excelsior Jobs Program will provide job creation and investment incentives to firms in the following targeted industries: biotechnology, pharmaceutical, high-tech, clean-technology, green technology, financial services, agriculture and manufacturing.

A firm must apply to ESD with its plan for expansion or growth. Based on that plan, ESD will calculate the maximum potential tax credits over a 5-year period, based on:

• Projected capital investment

• Amount of salary & benefits expected to be paid to new employees

• R&D expenditures

• For certain firms and in certain areas, property taxes paid on the facility

Within the available credits each year, ESD will enter into a formal agreement with the firm that clearly states the tax credits as well as the job and investment requirements for each year.

For additional information on Empire State Development Corporation's Excelsior Jobs Program please contact Buffalo Niagara Enterprise at (716) 842-1330 or click the following link: Excelsior Jobs Program