NY Econ Dev L § 355 (2021)
2021 New York Laws COM - Economic Development Law Article 17 - Excelsior Jobs Program Act 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  equal  to  the product of the gross wages paid and up to 6.85 percent. In a green project, the amount of such credit per job shall  be equal to the product of the gross wages paid and up to 7.5 percent.   2.  Excelsior  investment  tax  credit component. A participant in the excelsior jobs program shall be eligible to claim a credit on  qualified investments.  In a project that is not a green project, the credit shall be equal to two percent of the cost or other basis  for  federal  income tax purposes of the qualified investment. In a green project, the credit shall  be  equal  to five percent of the cost or other basis for federal income tax purposes of the qualified investment. In a project for  child care  services,  the  credit  shall be up to five percent of the cost or other basis for federal income tax purposes of the qualified  investment in  child  care services. A participant may not claim both the excelsior investment tax credit component and the investment tax credit set  forth in  subdivision  one  of  section  two  hundred ten-B, subsection (a) of section six hundred six, the former subsection (i) of  section  fourteen hundred  fifty-six, or subdivision (q) of section fifteen hundred eleven of the tax law for the same property in any taxable year, except that  a participant may claim both the excelsior investment tax credit component and  the investment tax credit for research and development property. In addition, a taxpayer who or which is qualified to  claim  the  excelsior investment  tax  credit  component  and  is  also qualified to claim the brownfield tangible property credit component under  section  twenty-one of  the  tax  law  may  claim either the excelsior investment tax credit component or such tangible property credit component, but not both  with regard  to  a  particular piece of property. A credit may not be claimed until a business enterprise has received a certificate  of  tax  credit, provided that qualified investments made on or after the issuance of the certificate of eligibility but before the issuance of the certificate of tax  credit  to  the  business  enterprise,  may be claimed in the first taxable year for which the business enterprise is allowed to  claim  the credit.   Expenses  incurred  prior  to  the  date  the  certificate  of eligibility is issued are not eligible to be included in the calculation of the credit.   2-a. Excelsior child care services tax credit component. A participant in the excelsior jobs program shall be eligible to claim a credit on its net new child care services expenditures for its operation,  sponsorship or direct financial support of a child care services program. The credit shall  be  up  to  six  percent  of  the  net  new  child  care services expenditures as defined in this chapter.   3.  Excelsior  research  and  development  tax  credit  component.   A participant  in  the excelsior jobs program shall be eligible to claim a credit equal to fifty  percent  of  the  portion  of  the  participant's federal  research  and  development  tax  credit  that  relates  to  the participant's research and development expenditures in  New  York  state during  the  taxable year; provided however, if not a green project, the excelsior research and development  tax  credit  shall  not  exceed  six percent   of   the   qualified  research  and  development  expenditures attributable to activities conducted in New York state, or, if  a  green project,  the  excelsior  research  and development tax credit shall not exceed eight  percent  of  the  research  and  development  expenditures attributable  to  activities conducted in New York state. If the federal research and development credit  has  expired,  then  the  research  and development   expenditures   relating   to   the  federal  research  and  development credit shall be calculated as if the  federal  research  and development  credit  structure  and definition in effect in two thousand nine were still in effect. Notwithstanding any other provision  of  this chapter  to  the contrary, research and development expenditures in this state, including salary or wage expenses for jobs  related  to  research and  development  activities in this state, may be used as the basis for the excelsior research and development  tax  credit  component  and  the qualified   emerging   technology  company  facilities,  operations  and training credit under the tax law.   4. Excelsior real property tax credit component. (a) A participant  in the  excelsior  jobs  program  who  either  qualified  as  a  regionally significant project or  is  located  in  an  investment  zone  shall  be eligible to claim a credit for a period of ten years.  (b)  The  credit  in  year  one shall be equal to fifty percent of the eligible real  property  taxes  on  the  real  property  comprising  the regionally significant project or located in the investment zone. In the remaining  years the credit shall be computed according to the following schedule:   Year two: forty-five percent of eligible real property  taxes  on  the real  property  comprising the regionally significant project or located in the investment zone;   Year three: forty percent of eligible real property taxes on the  real property comprising the regionally significant project or located in the investment zone;   Year four: thirty-five percent of eligible real property taxes on real property comprising the regionally significant project or located in the investment zone;   Year  five: thirty percent of eligible real property taxes on the real property comprising the regionally significant project or located in the investment zone;   Year six: twenty-five percent of eligible real property taxes  on  the real  property  comprising the regionally significant project or located in the investment zone;   Year seven: twenty percent of eligible real property taxes on the real property comprising the regionally significant project or located in the investment zone;   Year eight: fifteen percent of eligible real  property  taxes  on  the real  property  comprising the regionally significant project or located in the investment zone;   Year nine: ten percent of eligible real property  taxes  on  the  real property comprising the regionally significant project or located in the investment zone; and   Year  ten:  five  percent  of eligible real property taxes on the real property comprising the regionally significant project or located in the investment zone.  (c) For purposes of this credit,  the  term  "eligible  real  property taxes"  shall  have  the  same  meaning as in subdivision (e) of section fifteen of the tax law, provided that such subdivision (e) shall be read as  if  it  specifically  referenced  the  excelsior  jobs  program  and participants in that program.  (d)  In  calculating  the  excelsior  real  property  tax  credit  and determining the maximum aggregate amount of such credit component in the preliminary schedule of benefits, the  commissioner  shall  include  any improvements  projected  to  be  made  by  the  taxpayer to the property comprising  the  regionally  significant  project  or  located  in   the investment  zone  as  listed in its application for participation in the excelsior jobs program.    5. Refundability of credits. The tax credit components established  in this  section  shall  be  refundable  as  provided  in the tax law. If a participant fails to satisfy the eligibility criteria in any  one  year, it  will  lose  the  ability to claim credit for that year. The event of such failure shall not extend the original ten-year eligibility period.   6.  Claim  of  tax credit. The business enterprise shall be allowed to claim the credit as prescribed in section thirty-one of the tax law.  No costs used by an entertainment company as the basis for the allowance of a   tax  credit  described  in  this  section  shall  be  used  by  such entertainment company to claim any other credit allowed pursuant to  the tax  law.  No  costs  or  expenditures for child care services used by a participant to claim the credit as prescribed in section  forty-four  of the tax law shall be used for the allowance of a tax credit described in this section.   7.  For availability of special excelsior jobs program rates governing the provision of gas or electric service, see  subdivision  twelve-d  of section sixty-six of the public service law. Such special excelsior jobs program  rates  may  remain available to participants as defined in this article for a period of up to ten years commencing in the first  taxable year  that  the participant receives a certificate of tax credit, or the first taxable year listed  on  its  preliminary  schedule  of  benefits, whichever  is  later. Provided however, if a participant is removed from the excelsior jobs program pursuant to this article, the excelsior  jobs program rates may be denied.