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
—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.
Excelsior Jobs Program Map (PDF)