N.Y. COM Law § 355

§ 355. Excelsior jobs program credit. 1. Excelsior jobs tax credit\ncomponent. A participant in the excelsior jobs program shall be eligible\nto claim a credit for each net new job it creates in New York state. In\na project that is not a green project, the amount of such credit per job\nshall be equal to the product of the gross wages paid and up to 6.85\npercent. In a green project, the amount of such credit per job shall be\nequal to the product of the gross wages paid and up to 7.5 percent.\n 2. Excelsior investment tax credit component. A participant in the\nexcelsior jobs program shall be eligible to claim a credit on qualified\ninvestments. In a project that is not a green project, the credit shall\nbe equal to two percent of the cost or other basis for federal income\ntax purposes of the qualified investment. In a green project, the credit\nshall be equal to five percent of the cost or other basis for federal\nincome tax purposes of the qualified investment. In a project for child\ncare services, the credit shall be up to five percent of the cost or\nother basis for federal income tax purposes of the qualified investment\nin child care services. A participant may not claim both the excelsior\ninvestment tax credit component and the investment tax credit set forth\nin subdivision one of section two hundred ten-B, subsection (a) of\nsection six hundred six, the former subsection (i) of section fourteen\nhundred fifty-six, or subdivision (q) of section fifteen hundred eleven\nof the tax law for the same property in any taxable year, except that a\nparticipant may claim both the excelsior investment tax credit component\nand the investment tax credit for research and development property. In\naddition, a taxpayer who or which is qualified to claim the excelsior\ninvestment tax credit component and is also qualified to claim the\nbrownfield tangible property credit component under section twenty-one\nof the tax law may claim either the excelsior investment tax credit\ncomponent or such tangible property credit component, but not both with\nregard to a particular piece of property. A credit may not be claimed\nuntil a business enterprise has received a certificate of tax credit,\nprovided that qualified investments made on or after the issuance of the\ncertificate of eligibility but before the issuance of the certificate of\ntax credit to the business enterprise, may be claimed in the first\ntaxable year for which the business enterprise is allowed to claim the\ncredit. Expenses incurred prior to the date the certificate of\neligibility is issued are not eligible to be included in the calculation\nof the credit.\n 2-a. Excelsior child care services tax credit component. A participant\nin the excelsior jobs program shall be eligible to claim a credit on its\nnet new child care services expenditures for its operation, sponsorship\nor direct financial support of a child care services program. The credit\nshall be up to six percent of the net new child care services\nexpenditures as defined in this chapter.\n 3. Excelsior research and development tax credit component. A\nparticipant in the excelsior jobs program shall be eligible to claim a\ncredit equal to fifty percent of the portion of the participant's\nfederal research and development tax credit that relates to the\nparticipant's research and development expenditures in New York state\nduring the taxable year; provided however, if not a green project, the\nexcelsior research and development tax credit shall not exceed six\npercent of the qualified research and development expenditures\nattributable to activities conducted in New York state, or, if a green\nproject, the excelsior research and development tax credit shall not\nexceed eight percent of the research and development expenditures\nattributable to activities conducted in New York state. If the federal\nresearch and development credit has expired, then the research and\ndevelopment expenditures relating to the federal research and\ndevelopment credit shall be calculated as if the federal research and\ndevelopment credit structure and definition in effect in two thousand\nnine were still in effect. Notwithstanding any other provision of this\nchapter to the contrary, research and development expenditures in this\nstate, including salary or wage expenses for jobs related to research\nand development activities in this state, may be used as the basis for\nthe excelsior research and development tax credit component and the\nqualified emerging technology company facilities, operations and\ntraining credit under the tax law.\n 4. Excelsior real property tax credit component. (a) A participant in\nthe excelsior jobs program who either qualified as a regionally\nsignificant project or is located in an investment zone shall be\neligible to claim a credit for a period of ten years.\n (b) The credit in year one shall be equal to fifty percent of the\neligible real property taxes on the real property comprising the\nregionally significant project or located in the investment zone. In the\nremaining years the credit shall be computed according to the following\nschedule:\n Year two: forty-five percent of eligible real property taxes on the\nreal property comprising the regionally significant project or located\nin the investment zone;\n Year three: forty percent of eligible real property taxes on the real\nproperty comprising the regionally significant project or located in the\ninvestment zone;\n Year four: thirty-five percent of eligible real property taxes on real\nproperty comprising the regionally significant project or located in the\ninvestment zone;\n Year five: thirty percent of eligible real property taxes on the real\nproperty comprising the regionally significant project or located in the\ninvestment zone;\n Year six: twenty-five percent of eligible real property taxes on the\nreal property comprising the regionally significant project or located\nin the investment zone;\n Year seven: twenty percent of eligible real property taxes on the real\nproperty comprising the regionally significant project or located in the\ninvestment zone;\n Year eight: fifteen percent of eligible real property taxes on the\nreal property comprising the regionally significant project or located\nin the investment zone;\n Year nine: ten percent of eligible real property taxes on the real\nproperty comprising the regionally significant project or located in the\ninvestment zone; and\n Year ten: five percent of eligible real property taxes on the real\nproperty comprising the regionally significant project or located in the\ninvestment zone.\n (c) For purposes of this credit, the term "eligible real property\ntaxes" shall have the same meaning as in subdivision (e) of section\nfifteen of the tax law, provided that such subdivision (e) shall be read\nas if it specifically referenced the excelsior jobs program and\nparticipants in that program.\n (d) In calculating the excelsior real property tax credit and\ndetermining the maximum aggregate amount of such credit component in the\npreliminary schedule of benefits, the commissioner shall include any\nimprovements projected to be made by the taxpayer to the property\ncomprising the regionally significant project or located in the\ninvestment zone as listed in its application for participation in the\nexcelsior jobs program.\n 5. Refundability of credits. The tax credit components established in\nthis section shall be refundable as provided in the tax law. If a\nparticipant fails to satisfy the eligibility criteria in any one year,\nit will lose the ability to claim credit for that year. The event of\nsuch failure shall not extend the original ten-year eligibility period.\n 6. Claim of tax credit. The business enterprise shall be allowed to\nclaim the credit as prescribed in section thirty-one of the tax law. No\ncosts used by an entertainment company as the basis for the allowance of\na tax credit described in this section shall be used by such\nentertainment company to claim any other credit allowed pursuant to the\ntax law. No costs or expenditures for child care services used by a\nparticipant to claim the credit as prescribed in section forty-four of\nthe tax law shall be used for the allowance of a tax credit described in\nthis section.\n 7. For availability of special excelsior jobs program rates governing\nthe provision of gas or electric service, see subdivision twelve-d of\nsection sixty-six of the public service law. Such special excelsior jobs\nprogram rates may remain available to participants as defined in this\narticle for a period of up to ten years commencing in the first taxable\nyear that the participant receives a certificate of tax credit, or the\nfirst taxable year listed on its preliminary schedule of benefits,\nwhichever is later. Provided however, if a participant is removed from\nthe excelsior jobs program pursuant to this article, the excelsior jobs\nprogram rates may be denied.\n