Bill > S06866

This bill amends the economic development law to increase the maximum Excelsior Research and Development Tax Credit from 6% to 20% for non-green projects. The Excelsior Jobs Program allows participants to claim a tax credit equal to 50% of their federal research and development tax credit for expenditures in New York state. For green projects or Green CHIPS projects, the tax credit remains at 8% of research and development expenditures. The bill maintains provisions that allow research and development expenditures, including salary and wage expenses for related jobs in the state, to be used as the basis for the tax credit. If the federal research and development credit has expired, the calculation will be based on the credit structure and definition in effect in 2009. The changes aim to provide more financial incentive for businesses conducting research and development activities in New York state by significantly increasing the potential tax credit percentage.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S6866