The New York State budget legislation enacted in 2021 included an expansion of the Excelsior Jobs Incentives Program. The Excelsior Jobs Incentives Program provides job creation and investment incentives for businesses in targeted industries in the form of refundable tax credits that can be claimed over a benefit period of up to 10 years, if the eligible business meets and maintains established job and investment thresholds.
For those of us steeped in economic development, constantly promoting and growing our communities, every week is economic development week! This year more than ever, we welcome the opportunity to pause and take stock of our accomplishments, as we all seek to lift our communities beyond the COVID-19 pandemic.
ReCharge NY is one of the state’s signature economic development initiatives. Through the program, qualifying businesses and nonprofits can focus on retaining jobs and strengthening their operations by controlling energy costs with stable, predictable pricing.
Many businesses are utilizing these unprecedented times to strategize on business growth and innovation. Growing your business – whether it is through the development of new products, entering new markets, or organic market opportunities – often requires additional staff and an increased physical footprint. Here are some important considerations companies should have top of mind before the business expansion process begins.
The economic developer’s toolkit in New York includes a variety of tax incentives, abatements, grants and loans that can be quite confusing, even for a seasoned professional. Many incentives at the state and local levels can be utilized for one project but not all incentives can be layered. In the case of the state’s two largest tax incentive programs – the Excelsior Jobs Program and Start Up NY – only one can be applied to a company’s project. That brings up the question – which program is best suited to benefit a company’s growth?