Unlocking Opportunities with the Excelsior Jobs Program a Guide for Businesses

What is the Excelsior Jobs Program?

The program encourages businesses to expand or relocate to New York State by offering refundable tax credits tied to job creation, investments, research and development, and other qualifying activities. Eligible businesses receive these benefits over a 10-year period, incentivizing sustainable growth while maintaining strict accountability standards.

Who Can Qualify?

Eligibility for the Excelsior Jobs Program is based on operating within specific strategic industries and meeting certain job creation thresholds.

Key Strategic Industries and Minimum Job Creation Requirements:

• Scientific Research and Development: 5 net new jobs
• Software Development: 5 net new jobs
• Agriculture: 5 net new jobs
• Manufacturing: 5 net new jobs
• Life Sciences: 5 net new jobs
• Financial Services Back Office Operations: 25 net new jobs
• Distribution Firms: 50 net new jobs
• Music Production: 5 net new jobs
• Entertainment Companies: 100 net new jobs
• Other Firms: 150 net new jobs and a $3 million investment

Special Considerations for Green Projects

Businesses engaged in environmentally sustainable initiatives, such as renewable energy systems or zero-emission vehicles, may qualify for enhanced green project tax credits. These initiatives must significantly reduce greenhouse gas emissions or improve industrial efficiency.

What Tax Credits Are Available?

The program includes five key tax credits:

1. Excelsior Jobs Tax Credit:

   • Up to 6.85% of wages per net new job created.
   • For green projects, this increases to 7.5%.

2. Excelsior Investment Tax Credit:

   • 2% of qualified investments, or up to 5% for green projects, green CHIPS projects, or childcare services.

3. Excelsior Research and Development Tax Credit:

   • 50% of the Federal R&D Tax Credit related to NYS expenditures, up to 6%.
   • For green projects, this increases to 8%.

4. Excelsior Real Property Tax Credit:

   • Available for firms in distressed areas or those in targeted industries with significant job creation and investment.

5. Excelsior Child Care Services Tax Credit:

   • Up to 6% of net new childcare services expenditures, supporting employees with access to childcare programs.

Why Should Your Business Apply?

Whether you’re a startup, a growing company, or an established firm, the Excelsior Jobs Program offers significant benefits:

• Boost Your Growth: Lower your tax burden while investing in innovation and job creation.
• Expand Impact: Qualify for additional credits by supporting childcare services or engaging in sustainable projects.
• Strengthen Your Community: Create jobs and contribute to New York State's economic development.

How to Apply

1. Contact Empire State Development (ESD):
   Reach out to the appropriate Industry Director or Regional Office for guidance on eligibility and the application process.

2. Complete the Application:
   Submit a New York State Consolidated Funding Application (CFA) with all necessary supporting documentation, such as:

   • Job creation and retention metrics.
   • Details of investments in property, equipment, or other qualifying expenses.
   • Community and environmental impact statements, if applicable.

3. Work with a Tax Professional:
   Filing the correct forms (CT-607 for corporations or IT-607 for others) and calculating your benefits accurately is essential to maximize your tax credits.

How a College Access Program Could Qualify

If you operate a college access program, here’s how you might align with the program:

• Job Creation: Document positions created, such as coaches, interns, and administrative staff.
• Investments: Highlight investments in technology platforms (e.g., apps for FAFSA assistance) or facilities.
• Community Impact: Showcase your program’s role in supporting economic and social mobility through educational access.

Take the Next Step

Don’t miss the opportunity to leverage the Excelsior Jobs Program for your business. By creating jobs, investing in your operations, or supporting green initiatives, you can unlock valuable tax credits while contributing to a thriving New York State economy.

For more information, contact Empire State Development or visit their website to begin your application today!

Why Tune In?

If you’re running a college access program or a mission-driven organization in New York State, this episode will show you how to leverage the Excelsior Jobs Program to fuel your growth while making a lasting impact on your community.

Don’t miss this opportunity to unlock financial incentives and take your business to the next level!

Connect with Us:
📩 Have questions about the Excelsior Jobs Program? Reach out to us at [Your Contact Information].
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