350 – Short Title.

§ 350. Short title. This article shall be known and may be cited as the “excelsior jobs program act”.

351 – Statement of Legislative Findings and Declaration.

§ 351. Statement of legislative findings and declaration. It is hereby found and declared that New York state needs, as a matter of public policy, to create competitive financial incentives for businesses to create jobs and invest in the new economy. The excelsior jobs program act is created to support the growth of the state’s […]

352 – Definitions.

§ 352. Definitions. For the purposes of this article: 1. “Agriculture” means both agricultural production (establishments performing the complete farm or ranch operation, such as farm owner-operators, tenant farm operators, and sharecroppers) and agricultural support (establishments that perform one or more activities associated with farm operation, such as soil preparation, planting, harvesting, shearing, animal and […]

353 – Eligibility Criteria.

§ 353. Eligibility criteria. 1. To be a participant in the excelsior jobs program, a business entity shall operate in New York state predominantly: (a) as a financial services data center or a financial services back office operation; (b) in manufacturing, including in animal and plant fiber textile manufacturing; (c) in software development and new […]

354 – Application and Approval Process.

§ 354. Application and approval process. 1. A business enterprise must submit a completed application as prescribed by the commissioner. An application made by an entertainment company must be submitted by June first, two thousand fifteen, except for an application made by an entertainment company that is eligible to participate in the excelsior jobs program […]

355 – Excelsior Jobs Program Credit.

§ 355. Excelsior jobs program credit. 1. Excelsior jobs tax credit component. A participant in the excelsior jobs program shall be eligible to claim a credit for each net new job it creates in New York state. In a project that is not a green project, the amount of such credit per job shall be […]

356 – Powers and Duties of the Commissioner.

§ 356. Powers and duties of the commissioner. 1. The commissioner shall promulgate regulations establishing an application process and eligibility criteria, that will be applied consistent with the purposes of this article, so as not to exceed the annual cap on tax credits set forth in section three hundred fifty-nine of this article which, notwithstanding […]

357 – Maintenance of Records.

§ 357. Maintenance of records. Each participant shall keep all relevant records for their duration of program participation plus three years.

358 – Reporting.

§ 358. Reporting. 1. Each participant must submit a performance report annually, in such form as the commissioner may require, within thirty days of the end of their taxable year. 2. The commissioner shall prepare on a quarterly basis a program report for posting on the department’s website. The first report will be due June […]

359 – Cap on Tax Credit.

§ 359. Cap on tax credit. 1. Except with respect to tax credits issued to Green CHIPS projects as articulated in subdivision four of this section, the total amount of tax credits issued by the commissioner for any taxable year may not exceed the limitations set forth in this subdivision. Except with respect to tax […]