New York offers a diverse array of business incentives, tax credits, and grant programs to encourage economic growth, job creation, and innovation across the state.  The state is home to various incentive programs aimed at supporting industries such as technology, manufacturing, clean energy, and life sciences.  These incentives help attract new businesses, support job creation, and foster economic development.  Below are some of the key business incentives available in New York.

Excelsior Jobs Program

Overview

The Excelsior Jobs Program is a performance-based incentive designed to encourage businesses to invest in New York State and create jobs in targeted industries.  It offers tax credits to businesses that make significant investments in the state and create new, high-paying jobs.

Eligibility

• The business must operate in one of the following industries: biotechnology, financial services, green technology, manufacturing, or other targeted sectors.

• The business must create a minimum number of jobs in a specific timeframe and meet wage standards set by the state.

• The business must make significant capital investments in New York.

Incentive Value

• The program offers tax credits that can be applied to the state’s corporate franchise tax, personal income tax, and sales and use tax.

• Credits are awarded based on the number of jobs created, the level of wages, and the capital investment made in the state.

Application Process

Businesses must apply through Empire State Development (ESD), submitting a detailed application outlining their business plan, job creation projections, and investment plans.

New York State Brownfield Cleanup Program (BCP)

Overview

The BCP incentivizes the remediation and redevelopment of contaminated properties (brownfields).  The goal of the program is to transform underutilized or contaminated sites into productive properties, while promoting environmental cleanup.

Eligibility

• The business must be involved in the cleanup and redevelopment of a brownfield site in New York.

• The property must meet the criteria of a brownfield site, which includes contamination that requires remediation before redevelopment.

Incentive Value

• The program offers tax credits for costs associated with the cleanup, remediation, and redevelopment of brownfields.

• Eligible businesses can receive credits equal to a percentage of eligible cleanup and redevelopment costs, with specific credit amounts based on the size and complexity of the project.

Application Process

Businesses must apply through the New York State Department of Environmental Conservation, providing a detailed plan for the environmental remediation and redevelopment of the site.

New York State Research and Development Tax Credit

Overview

The New York State Research and Development (R&D) Tax Credit is designed to incentivize businesses that conduct research and development activities in the state.  It supports innovation and the development of new products and technologies.

Eligibility

• The business must engage in research and development activities in New York.

• R&D activities must focus on developing or improving products, processes, or technologies.

• The business must meet specific spending thresholds on R&D activities.

Incentive Value

• The tax credit allows businesses to receive a percentage of their qualifying R&D expenditures as a credit against state taxes.

• The credit can be applied to various state taxes, including corporate income taxes.

Application Process

Businesses must apply through the New York State Department of Taxation and Finance (DTF), providing documentation of R&D activities and associated expenses.

New York State Capital Tax Credit

Overview

The New York State Capital Tax Credit encourages investment in capital projects that contribute to the state's economic development.  This program is focused on helping businesses expand or enhance their capital infrastructure, such as facilities, machinery, and equipment.

Eligibility

• The business must be involved in capital investment activities that create new jobs and enhance economic development in New York.

• The business must meet job creation and wage standards, as well as investment requirements set by the state.

Incentive Value

• The program offers tax credits equal to a percentage of the capital investment made by the business in New York.

• Credits can be used to offset state income or corporate franchise taxes.

Application Process

Businesses must apply to ESD, providing details of their capital investment plans and job creation projections.

New York State Film Tax Credit

Overview

New York offers a Film Tax Credit program to encourage film, television, and digital media productions in the state.  The program aims to attract media and entertainment companies by offering generous incentives for qualifying production activities.

Eligibility

• The business must be engaged in the production of a film, television show, or digital media project in New York.

• Productions must meet specific criteria regarding the level of spending in the state and the number of jobs created.

Incentive Value

• The program provides a refundable tax credit of up to 30% of qualifying production expenditures.

• The credit is offered for expenses such as labor, set construction, and equipment rental.

Application Process

Businesses must apply through the New York State Governor’s Office of Motion Picture and Television Development, providing a production budget, spending details, and financial projections.

New York State Renewable Energy Incentives

Overview

New York offers a variety of incentives for businesses that invest in renewable energy systems.  These incentives are designed to reduce energy costs, promote sustainability, and help the state transition to clean energy sources.

Eligibility

• The business must invest in renewable energy technologies, such as solar, wind, and biomass systems.

• The business must meet specific energy efficiency and environmental standards.

Incentive Value

• New York offers grants, tax credits, and financing for renewable energy projects.

• Businesses may be eligible for rebates or tax incentives for installing solar panels, wind turbines, and other renewable energy equipment.

Application Process

Businesses must apply through the New York State Energy Research and Development Authority, providing details of their renewable energy project and expected energy savings.

New York State Opportunity Zones Program

Overview

The New York State Opportunity Zones Program provides tax incentives for investments in low-income and underserved areas.  The program is designed to encourage long-term investments in these areas to promote economic growth and community development.

Eligibility

• The business must invest in a designated Opportunity Zone.

• Investments must focus on real estate development, infrastructure, or business operations that benefit the local community.

Incentive Value

• The program offers tax incentives, including capital gains tax deferrals and exclusions, for investments in Opportunity Zones.

• Investors may also be eligible for tax credits based on the level of investment and job creation.

Application Process

Businesses must work with a designated Qualified Opportunity Fund and apply for the incentives through the DTF.

New York State Workforce Development Programs

Overview

New York State offers workforce development programs that help businesses train and develop their employees.  These programs are designed to improve skills, increase productivity, and ensure that businesses have a skilled workforce.

Eligibility

• The business must operate in New York and employ workers who are eligible for training under state guidelines.

• Training must focus on enhancing employee skills and productivity.

Incentive Value

• The program provides grants and funding for employee training, including instructor fees, materials, and certifications.

• Businesses may also be eligible for tax credits related to training costs.

Application Process

Businesses must apply through the state, submitting a training plan and funding request.