Excelsior Jobs Program

On June 22, 2010, Governor David Paterson signed legislation into law creating the Excelsior Jobs Program as a replacement for the now decertified Empire Zones program.

The Excelsior Jobs Program is a targeted program, focusing on the growth and expansion of the high-tech and clean energy jobs of tomorrow, while also supporting the manufacturing sector that remains the backbone of our economy. The program will provide job creation and investment incentives to firms in a list of strategic industries.

Firms in these strategic industries that create and maintain new jobs or make significant financial investment will be eligible to apply for up to four new tax 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.

For more information on the Excelsior Jobs Program's new fully refundable tax credits, please view the Tax Credits Section in the Program's Overview.

Applications are now being accepted for credits which will become available during the 2011 tax year. The application process requires much more planning and accountability than the previous Empire Zone applications and should therefore be started as soon as possible if you intend on participating in the Excelsior Jobs Program. The application should be completed in consultation with the appropriate regional office representative of Empire State Development.

In short, for those businesses in a targeted industry contemplating expansion in New York State now is the time to begin the planning and application process to be eligible to receive these potential credits under the new Excelsior Jobs Program.

Please note that in order to become certified under The Excelsior Jobs Program, a firm is required to voluntarily decertify under The Empire Zones Program thereby forfeiting their remaining additional Empire Zone benefits. However, any Empire Zone benefits previously accrued but not yet utilized will continue to be available.

For more information and for a no charge assessment on qualification for the Excelsior Jobs Program, or for information on decertification of the Empire Zones and remaining benefits, please contact Cheryl Prout, CPA & Partner by email or telephone 716.250.6600.

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