The Excelsior Jobs Program is a strategic initiative by the state of New York to stimulate economic growth and job creation. The program offers a range of fully refundable tax credits to businesses that meet specific job and investment thresholds. These credits, which can be claimed over a benefit period of up to 10 years, are designed to incentivize businesses to expand or relocate their operations to New York.

Five Types of Tax Credits

• Excelsior Jobs Tax Credit – provides a credit of up to 6.85 percent of wages per net new job, or up to 7.5 percent for a qualified green project or green CHIPS project.
• Excelsior Investment Tax Credit – offers a credit valued at 2 percent of qualified investments, or up to 5 percent for qualified green projects, green CHIPS projects or investments in childcare services. 
• Excelsior Research and Development Tax Credit – provides a credit of 50 percent of the portion of the Federal Research and Development tax credit that relates to expenditures in New York State, up to 6 percent of research expenditures attributable to activities conducted in the state. For qualified green projects or green CHIPS projects, this credit can go up to 8 percent of research expenditures.
• Excelsior Real Property Tax Credit – is available to firms locating in certain distressed areas and to firms in targeted industries that meet higher employment and investment thresholds.
• Excelsior Childcare Services Tax Credit – offers a credit of up to 6 percent of net new childcare services expenditures for the operation, sponsorship or direct financial support of a childcare services program.

Strategic Industries

To be eligible for the program, applicants must operate predominantly in certain strategic industries and meet the minimum new job creation requirements for those industries. These industries include scientific research and development, software development, financial services back-office operations, agriculture, manufacturing, distribution, music production, entertainment, life sciences, and other firms creating at least 150 net new jobs and investing at least $3 million. Firms in strategic industries that make significant capital investments and have at least 25 employees  also eligible to apply for participation in the program.

Green Projects and Childcare

The program also offers enhanced tax credits for green projects and childcare services. To qualify for these enhanced credits, a company must be eligible for the Excelsior Jobs Program, operate in one of the qualified strategic industries, and either engage in a “green project” or operate or sponsor childcare services for its employees. A “green project” means a project that makes products or develops technologies that are primarily aimed at reducing greenhouse gas emissions or supporting the use of clean energy.

Stimulating Economic Growth and Job Creation

The Excelsior Jobs Program is a comprehensive initiative that aims to boost New York's economy by attracting significant investments and creating stable job opportunities. By offering a range of fully refundable tax incentives, the program encourages businesses to expand and relocate to New York, thereby stimulating economic growth and job creation in the state.

Understanding and successfully navigating the intricacies of the Excelsior Jobs Program can be quite challenging due to its strict criteria, detailed application process and ongoing reporting obligations. Our team of experienced professionals can provide the necessary expertise and guidance to help businesses effectively navigate this process. We assist businesses in comprehending the program’s requirements, crafting a persuasive application and adhering to reporting duties.

By utilizing the expertise of A&M, businesses can enhance their chances of securing the benefits of the Excelsior Jobs Program, thereby fostering substantial investment and job creation, and contributing to the economic growth of New York. To learn more about these initiatives, please contact a member of the A&M Credits and Incentive team.