New York State has recently implemented many incentives, credits and other business friendly assistance programs to help businesses start, relocate or expand in New York State.
Two of the most potentially beneficial of these programs may not be on your radar yet, but they should be: The Excelsior Jobs Program and Start-Up NY Program.
The Excelsior Jobs Program
The Excelsior Jobs Program provides job creation and investment incentives to firms in such targeted industries such as biotechnology, pharmaceutical, high-tech, clean-technology, green technology, financial services, agriculture and manufacturing. Eligible companies that create and maintain new jobs or make significant financial investment can apply for up to four new tax credits.
Businesses claim the credits over a 10 year period – and the credits can really add up. To earn any of the credits, firms must first meet and maintain certain job and investment thresholds.
The START-UP NY PROGRAM
START-UP NY offers new and expanding businesses the opportunity to operate tax-free for 10 years on or near eligible university or college campuses in New York State.
Partnering with these schools gives businesses direct access to advanced research labs, development resources and experts in key industries.
To participate in START-UP NY, a company must meet the following requirements:
- Be a new business in New York State, or an existing New York business relocating to or expanding within the state
- Partner with a New York State college or university
- Create new jobs and contribute to the economic development of the local community
START-UP NY’s focus is on companies in Advanced Materials and Manufacturing, Biotech and Life Sciences; and Tech and Electronics.
If you fit these guidelines, your company may be eligible for either or both of these programs.
Think you might be eligible for one or more of these credits? Contact an MWE dedicated state and local tax specialist to help you identify and take advantage of all of the potential New York business incentives that your company may be entitled to.