Tax Credits

For more information on any program, contact EDC Warren County at 518.761.6007.

New York State Investment Tax Credit
Eligible Entity: Small to Large Business
Details: Businesses that create new jobs and make new investments in production property and equipment may qualify for tax credits of up to 10% of their eligible investment. New businesses may elect to receive a refund of certain credits and all unused credits can be carried forward for 15 years.

New York State Research & Development Tax Credit
Eligible Entity: Small to Large Business
Details: Investments in R&D facilities are eligible for a 9% corporate tax credit. Additional credits are available to encourage the creation and expansion of emerging technology businesses, including a three-year job creation credit of $1,000 per employee and a capital credit for investments in emerging technologies.

Excelsior Program
Eligible Entity:  Firms in targeted industries such as biotechnology, pharmaceutical, high-tech, clean-technology, green technology, financial services, agriculture and manufacturing.
Details:  Provides job creation and investment incentives to firms making a substantial commitment to growth, either in employment or through significant capital investment may qualify for up to four fully refundable tax credits: Excelsior Jobs Tax Credit, Excelsior Investment Tax Credit, Excelsior Research & Development Tax Credit, and Excelsior Real Property Tax Credit.

Historical Tax Credits
Eligible Entity: Developers, companies, or other entities redeveloping designated historic commercial income producing properties
Details:  Owners of income producing properties that have been approved to receive the 20% federal rehabilitation tax credit automatically qualify for the additional state tax credit if the property is located in an eligible census tract. Owners can receive an additional 20% of the qualified rehabilitation expenditures up to $5,000,000

New Market Tax Credits
Eligible Entity:  Low-Income community borrowers located in a census tract with a poverty rate at least 20% or median family income at below 80% of the statewide metropolitan medians Preference given to borrowers in non-metropolitan counties and or in census tracts with unemployment at above 1.5x national average.
Details:  Capital expenditures for operating companies (real estate loans for acquisition new construction substantial rehabilitation; or machinery and equipment loans). Real estate developments: industrial; commercial, including office and retail; mixed-use including residential component in limited circumstances.