Posted by Jeffrey Feingold on 01.26.17
The New York research and development (R&D) tax credit represents an outstanding opportunity for taxpayers to receive credit for qualified research expenses they conduct. While New York does not have a stand-alone R&D tax credit program like many other states, the opportunity for valuable tax credits exists within the state’s overall Excelsior Jobs Program. And keep in mind, this tax-saving incentive is in addition to the federal R&D tax program, which Congress made permanent in 2015.
As one of several refundable credits available in the state of New York to reduce income tax, the New York Excelsior R&D credit program is one of the best tax credits in the Northeast. New York’s Excelsior Jobs Program encourages businesses to expand in and relocate to New York while maintaining strict accountability standards to guarantee that businesses deliver on job and investment commitments.
To qualify for any of the four programs under the New York Excelsior Jobs Program, businesses must meet and maintain certain established job and investment thresholds.
Excelsior Jobs Program Eligibility
To qualify for the New York Excelsior Jobs Program, which includes R&D tax credits, projects must meet the criteria for job creation, job retention and significant capital investment. The following additional eligibility rules apply:
The Excelsior Jobs Program, which includes R&D tax credits, will provide job creation and investment incentives to firms in such targeted industries as:
New York R&D Tax Credit Program Highlights
In addition to R&D tax credits, every business approved for participation in the Excelsior Jobs Program is also eligible to apply for three other tax credits, including:
How to Apply
Find Out if Your Activities Qualify
The R&D tax credit can be a lucrative incentive for innovative businesses in New York. Given the new permanent nature of the federal tax credit, now is the time to consider whether activities performed by your company qualify for major cash-saving federal and state tax credit opportunities.
Tax Point Advisors, a firm with expertise in working with small and midsize companies, works with businesses that may qualify for R&D tax benefits. For more information, read our e-book: The Business Owner's Guide to R&D Tax Credits.
You may also contact us at (800) 260-4138, or please leave us a message below.