New York State offers a variety of incentive programs to assist with business development including startup, expansion, relocation, process improvements, energy efficiency, low-cost power, workforce development, and more. New York State has reduced the tax on the entire net income base for manufacturers to 0%.
An Overview of New York State Incentive ProgramsEmpire State Development (ESD) Excelsior Tax Credit Program
The Excelsior Tax Credit Program gives refundable tax credits to new and existing companies in New York State, based on job creation, capital investment and investment in research and development.As of Right Refundable Tax Credits
Any company that is new to New York State will receive a 5% cash refund on any capital spending up to $350 million for the first five years of operation in New York State. Any spending over $350 million in the first five years will result in a 4% cash refund from New York State.Empire State Development (ESD) Capital Grants Program
Capital grants are available from the State of New York through Empire State Development for any company investing in job creation and or corporate infrastructure.Start Up New York
The Start Up New York program gives any business new to NYS 0% State tax liability for 10 years. Please note that this program and the Excelsior Tax Credit Program are mutually exclusive. http://startup.ny.gov/
- No income tax.
- No business or corporate state or local taxes.
- No sales tax.
- No property tax.
- No franchise fees etc.
Western New York Regional Economic Development Council
In 2013, approximately $750 million in State resources was made available through 26 programs and 13 state agencies to support economic development initiatives across New York State.
New York State utilizes an online Consolidated Funding Application (CFA) for all statewide economic development incentives including grants, low-interest loans, tax credits, and low-cost power allocations. CFAs are reviewed and scored by the Western New York Regional Economic Development Council (WNY REDC) in conjunction with the state agencies that administer each economic development program. The WNY REDC reviews projects for consistency with the "Strategy for Prosperity," which is Western New York's Regional Economic Development Plan, and prepares a list of funding priorities.
For more information on the WNY REDC, the WNY Regional Economic Development Plan, and the CFA process including available economic development resources, please visit:
WNY Regional Economic Development Council
WNY Regional Economic Development Plan
NYS Consolidated Funding Application
New York Power Authority
The New York Power Authority (NYPA) is the largest state-owned power authority in the U.S., operating 17 generating facilities including the Niagara Power Project, which is the largest power producer in New York State and the fourth largest hydroelectric power plant in the U.S. Several economic development programs are available through NYPA.
Niagara Hydropower, often referred to as Expansion and Replacement Power, is a low-cost power program available solely to companies in WNY located within a 30-mile radius of the Niagara Power Project.
WNY Economic Development Fund, which is capitalized through the sale of unused Niagara Hydropower, provides grants to projects located within 30-miles of the Niagara Power Project.
ReCharge New York provides low-cost power to companies statewide.
To learn more about these NYS Incentives, please contact us today.