NY opens Excelsior Jobs program

September 9, 2010 Updated Sep 9, 2010 at 8:22 AM EDT

By Business First of Buffalo

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September 9, 2010 Updated Sep 9, 2010 at 8:22 AM EDT

New York state began accepting applications on Wednesday for its new tax incentive program for businesses.

The state's Excelsior Jobs program was approved as part of the 2010-11 state budget, finalized early last month. The Excelsior Jobs benefits take the place of the more expansive Empire Zones tax credits, which were shut off to new applicants at the end of June.

Excelsior Jobs includes tax credits for new jobs, capital investments, R&D work. Companies located in select areas are also eligible for short-term breaks on property taxes, which in New York are 80 percent above the national average.

The application for Excelsior Jobs benefits became available online on Wednesday at www.esd.ny.gov. Officials with Empire State Development Corp., which will run the Excelsior Jobs program, will contact potential recipients over the next few months.

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