Objective
The Excelsior Jobs Program encourages businesses to expand in and relocate to New York while maintaining strict accountability standards to guarantee that businesses deliver on job and investment commitments.
The Excelsior Jobs Program encourages businesses to expand in and relocate to New York while maintaining strict accountability standards to guarantee that businesses deliver on job and investment commitments.
Firms in the Excelsior Jobs Program may qualify for five fully refundable tax credits. Businesses claim the credits over a benefit period of up to 10 years as established in the preliminary schedule of benefits. To earn credits, firms must first meet and maintain established job and investment thresholds outlined in Program Eligibility below:
Excelsior Jobs Tax Credit:
Excelsior Investment Tax Credit:
Excelsior Research and Development Tax Credit:
Excelsior Real Property Tax Credit:
The Excelsior Child Care Services Tax Credit:
Applicants must operate predominately in the following strategic industries and create the minimum new jobs for the strategic industry or firms in certain strategic industries who retain jobs and make significant capital investments.
* Eligible strategic industry for enhanced green project tax credits
Green Project
To be eligible for enhanced green project tax credits, a company must be eligible for the Excelsior Jobs Program operating in strategic industries inclusive of agriculture, manufacturing, software development, and scientific research and development and engage in a “green project”.
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.
"Green project" shall include, but not be limited to, the manufacture or development of products or technologies or supply chain components primarily for renewable energy systems as defined in section sixty-six-p of the public service law, vehicles that use non-hydrocarbon fuels and produce zero or near zero emissions, heat pumps, energy efficiency, clean energy storage and other products that significantly reduce greenhouse gas emissions by minimizing the utilization of depletable resources or by improving industrial efficiency.
"Green project" shall not include a project primarily composed of (i) necessarily local activities such as retail, building construction, or the installation, deployment or adoption of an energy product or technology at an end user's site, or (ii) the production of products or development of technologies that would produce only marginal and incremental energy savings or environmental benefits ancillary to the core function of the product or technology.
Child Care Credits
To be eligible for the enhanced childcare investment tax credit or the childcare services tax credit component, a company must be eligible for the Excelsior Jobs Program operating in and conducting an Excelsior project in one of the qualified strategic industries and operating or sponsoring childcare services to its employees.
"Child care services" means those services undertaken or sponsored by a participant in this program which are proximate and convenient to the project location and meeting the requirements of "child day care" as defined in paragraph (a) of subdivision one of section three hundred ninety of the social services law or any child care services in the city of New York whereby a permit to operate such childcare services is required pursuant to the health code of the city of New York.
"Net new child care services expenditures" means the calculation of new, annual participant expenditures on child care services whether internal or provided by a third party (including coverage for full or partial discount of employee rates), minus any revenues received by the participant through a third-party operator (i.e. rent paid to the participant by the child care provider) or employees and which are proximate and convenient to the project location. For the purposes of this definition, expenditures for child care services that a participant has incurred prior to admission to this program shall not be eligible for the credit.
Green CHIPS Project
"Green CHIPS project" means a project meeting all of the following criteria: (1) is within the semiconductor manufacturing and related equipment and material supplier sector; (2) includes sustainability measures to mitigate the project's greenhouse gas emissions over its lifetime under a Green CHIPS sustainability plan; (3) provides for the payment of not less than federal prevailing wage rates for its project construction; (4) makes specific and actionable commitments to worker and community investment under a Green CHIPS community plan; (5) will create at least five hundred net new jobs and make at least three billion dollars in qualified investment prior to the conclusion of its preliminary schedule of benefits; and (6) will maintain a Green CHIPS benefit-cost ratio of at least fifteen to one as calculated for the overall project term.
Green CHIPS projects are eligible for up to 20 years of Excelsior Jobs Program tax credits. Such projects are eligible to enter a phase one of a project ten-year benefit term. In addition, provided they are in good standing with all requirements, are also eligible to enter a phase two of a Green CHIPS project, and therefore to initiate a new and separate ten-year schedule related to phase two, provided that phase two will create at least five hundred net new jobs beyond those created in phase one, and that phase two will make at least three billion dollars in qualified investment beyond the investment total associated with phase one.
For additional information about Green CHIPS projects please visit esd.ny.gov/green-chips