A Summary of the New York Excelsior Credit
What is the New York Excelsior credit
The goal of the New York Excelsior Credit is to incentivise companies in New York to commit green economic growth and in doing so create more jobs in the field. Companies with more focus on sustainability and environmentalism are able to apply for a wider range of tax credits than those with less emphasis on sustainability. This is part of the plan by the U.S. government to move toward more environmentally sustainable business models in the coming years.
What does the Credit Cover?
The New York Excelsior Job credit, can be applied to the payroll costs of the associated business up to 6.85% of the accrued costs.
Who is Eligible?
Businesses in the following industries are eligible to apply for the New York Excelsior Credit:
Biotech
Pharmaceuticals,
Financial Services
Agriculture
Entertainment
Manufacturing
To qualify, it is required that the company applying for the credit has created 5-100 jobs in the industry of choice. This is inline with the the purpose of the credit, which is to encourage sustainable business development in an economically viable manner.
How long will this credit be available for
The tax credit can be utilized by a given company within a 10 year period of initial development.
How To Apply?
To apply for the credit, a company must submit to the Empire State Development where your case will be reviewed and subsequently approved, if you meet the eligibility requirements. Upon approval, the given company will be allocated the tax credit over a 10 year period. The percentage of the credit will be determined based on the amount of growth that said company anticipates over this 10 year basis. It is possible to have this reviewed at a later date should the company grow larger than anticipated.
Need to Know more?
If you want to know more about the credit, and think you may be eligible, do not hesitate to get in touch! We have been helping companies in New York with their financial needs for over 10 years.
