NEW YORK INCENTIVES SUMMARY
Economic Development Fund (EDF)
The EDF assists with projects that promote the creation and or retention of jobs, or the increase of business activity in the State of New York. EDF funds may assist with construction, expansion, and rehabilitation of facilities; acquisition of machinery and equipment; working capital; and the training of full-time permanent employees. Eligible uses include industrial, manufacturing, warehouse & distribution, research & development, high tech, non-retail commercial services, and not-for-profits.
Excelsior Jobs Program
Companies in targeted industries and create or retain jobs or make significant capital investment may be eligible for up to four Excelsior tax credits claimed over an eight to 10-year period:
The Excelsior Jobs Tax Credit
A credit of 6.85 percent of wages per net new job to cover a portion of the associated payroll cost.
The Excelsior Investment Tax Credit
Valued at two percent of qualified investments.
The Excelsior Research and Development Tax Credit
A credit of 50 percent of the Federal Research and Development credit up to six percent of research expenditures in New York.
The Excelsior Real Property Tax Credit
Available to companies locating in certain distressed areas and to companies in targeted industries that meet higher employment and investment thresholds.
Employee Training Incentive Program (ETIP)
ETIP provides refundable tax credits to employers for procuring skills training that upgrades, retrains, or improves the productivity of their employees. Businesses can also receive tax credits for approved internship programs that provide training in advanced technology or life sciences.
Tax credits may be available for costs associated with an eligible training program for current or new employees of up to 50% of eligible training costs and $10,000 per employee receiving eligible training.
The internship program is available for current students, recent graduates and recent members of the armed forces. Tax credits of up to 50% of the stipend paid to an intern, up to $3,000 per intern,
may be available only after completion of approved training.
Empire State Jobs Retention Program
A financial incentive designed to retain strategic businesses and jobs that are at risk of leaving the state as a result of the impact on business operations due to a natural disaster. Companies may qualify for a tax credit of 6.85 percent of wages per impacted job.
New York Power Authority (NYPA)
Electricity rate assistance through NYPA's Recharge New York (RNY) program may be made available for energy intensive projects. Project capital investment, job creation, and energy consumption will determine the amount of assistance. The term of the electric allocation would be for up to seven years and could represent a savings of up to 70 percent off market rates.
Notice: This list of economic development incentive programs is intended to provide a high-level overview of commonly pursued state discretionary programs. A comprehensive analysis of project details will determine the full scope of state and local incentive programs that may be available to support a specific project.