Chinatown Partnership Business Consulting

excelsior jobs program

The Excelsior Jobs Program differs from its predecessor Empire Zone in the folllowing key provisions:


—Using a greater variety of tax incentives, including a job tax credit that subsidizes wages, an investment tax credit equal to 2% of what companies spend to expand or improve their operations, a research-and-development credit to encourage innovation; and a real property tax credit for "regionally significant projects."

—Targeting the aid for innovation and research companies, manufacturing, agriculture, and distribution firms. The new program would end subsidies to law firms, shopping mall development, utilities already located in New York and taverns that received aid under Empire Zones.

—The program provides contracts for five years with annual reviews over job targets, as opposed to 10-year contacts under Empire Zones.

—The incentives would total $50 million this year and rise to $250 million in the fifth year.

Companies now receiving tax breaks and other incentives under the Empire Zone program would continue to benefit until their contract expires.

For more information, contact the New York City Department of Small Business Services or call 311.


Chinatown Excelsior Jobs Program Map (PDF)





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