March 31, 2011: Governor Cuomo’s passage of the 2011-2012 Budget Bill, includes enhancements to the Excelsior Jobs Program.
The Excelsior Jobs Program focuses on the growth and expansion to such targeted industries as biotechnology, pharmaceutical, high-tech, clean-technology, green technology, financial services, agriculture and manufacturing.
The revisions include:
- An extension of the Program’s tax benefit period from five to ten years
- A revision to the Jobs Tax Credit to be based upon the projected income tax receipts for each new job, instead of up to $5,000 per new job
- An enhancement to the R&D Tax Credit to be equal to 50 percent of the taxpayer’s actual Federal R&D credit
- A revision to the Real Property Tax Credit (RPTC) – so it is now based on the value of a property after improvements, rather than before
- The opportunity to permit all program participants to access all New York State R&D tax credits
- Authorization to utilities to offer reductions in gas or electric rates to program participants
For more information contact State Tax Practice Leader Gary Smith at email@example.com