§ 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, or a Green CHIPS project, the amount of\nsuch credit per job shall be equal to the product of the gross wages\npaid and up to 7.5 percent. Provided, however, given the\ntransformational nature of Green CHIPS projects, only the first two\nhundred thousand dollars of gross wages per job shall be eligible for\nthis credit. The maximum amount of gross wages per job for a Green CHIPS\nproject may be adjusted for inflation at an annual amount determined by\nthe commissioner in a manner substantially similar to the cost of living\nadjustments calculated by the United States Social Security\nAdministration based on changes in consumer price indices or a rate of\nfour percent per year, whichever is higher. In a semiconductor supply\nchain project, the amount of such credit per job shall be equal to the\nproduct of the gross wages paid and up to seven 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 or a Green CHIPS project, the credit shall be up to five\npercent of the cost or other basis for federal income tax purposes of\nthe qualified investment in child care services or in the Green CHIPS\nproject as applicable. In a semiconductor supply chain project, the\ncredit shall be up to three percent of the cost or other basis for\nfederal income tax purposes of the qualified investment. A participant\nmay not claim both the excelsior investment tax credit component and the\ninvestment tax credit set forth in subdivision one of section two\nhundred ten-B, subsection (a) of section six hundred six, the former\nsubsection (i) of section fourteen hundred fifty-six, or subdivision (q)\nof section fifteen hundred eleven of the tax law for the same property\nin any taxable year, except that a participant may claim both the\nexcelsior investment tax credit component and the investment tax credit\nfor research and development property. In addition, a taxpayer who or\nwhich is qualified to claim the excelsior investment tax credit\ncomponent and is also qualified to claim the brownfield tangible\nproperty credit component under section twenty-one of the tax law may\nclaim either the excelsior investment tax credit component or such\ntangible property credit component, but not both with regard to a\nparticular piece of property. A credit may not be claimed until a\nbusiness enterprise has received a certificate of tax credit, provided\nthat 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
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