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 smithgary@waltonmanagement.com
Walton Management Services, Inc. (WMS) secures and administers valuable government incentives for clients nationwide, thereby improving their financial performance and reducing their effective tax rate. Serving Fortune 50 to promising new ventures, Walton’s comprehensive financial incentive analysis identifies opportunities including: WOTC and other Federal Hiring Credits, Federal Empowerment Zones/Renewal Communities, State Enterprise Zones, Sales Tax Reductions, Exemptions and Refunds, State Point of Hire Credits, Jobs Tax Credits, Job Training Credits, and Site Location Services. To learn more about Walton Management Services and its incentive processing solution NetCentives™, a web-based, tax credit management solution, visit www.waltonmanagement.com or call 1-800-221-0832.
