Bill > S08063

This bill provides for a new Relocation Assistance Credit program in New York City, specifically targeting businesses that relocate to eligible premises in the city. Under this program, businesses that have been operating outside of New York State and relocate to a qualifying premises can receive a tax credit of $5,000 per eligible employment share. To qualify, businesses must move at least one employee from a pre-existing out-of-state operation to a new location in New York City, with the new premises being at least 10,000 square feet. The credit can be claimed for up to 11 consecutive taxable years, with a maximum of 500 employment shares per business and a total program cap of 3,000 maximum approved employment shares. The program is limited to businesses that do not primarily engage in retail activities or hotel services, and requires businesses to obtain initial and annual certifications from the mayor. Businesses must relocate between July 1, 2025, and July 1, 2028, and the mayor is required to submit an annual report detailing the program's implementation and impact. The bill amends several existing laws to implement these provisions and ensure proper administration of the tax credit program.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S8063