Bill > A08676

This bill provides for a relocation assistance credit program specifically designed for businesses relocating to cities with a population of one million or more, primarily targeting New York City. The bill creates a tax credit program that allows eligible businesses to receive $5,000 per employee share when they relocate to certain premises, with several key provisions: businesses must be relocating from outside New York State, must move into premises of at least 10,000 square feet, and can only relocate once. The credit can be claimed for up to eleven consecutive taxable years, with a maximum of 500 employment shares per business and a total program cap of 3,000 maximum approved employment shares. Importantly, the program excludes retail activities and hotel services from receiving credits. Businesses must obtain initial and annual certifications from the city mayor, and the program is set to begin on July 1, 2025, with an expiration date for new certifications on July 1, 2028. The bill also requires annual reporting to state legislators about the program's implementation, including details on participating businesses, credits issued, and relocation specifics. This legislation aims to incentivize business relocation and potentially stimulate economic development in New York City.

Budget and Finance, Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A8676