New York Life Sciences and Excelsior Research and Development Tax Credit

Program Overview

New York provides research and development incentives through specific economic development programs rather than a single general-purpose state research credit. The Excelsior Jobs Program includes a research and development tax credit component based on a portion of the federal research credit attributable to New York for eligible participants that meet applicable job and investment commitments. Separately, the Life Sciences Research and Development Tax Credit provides a refundable credit to eligible new life sciences companies during their qualifying early years, with the applicable rate based on employee count. The programs are administered by Empire State Development and are subject to program-specific requirements and limitations.

Eligibility

• Businesses must be admitted to the Excelsior Jobs Program and operate under an executed program agreement to qualify for its research and development credit component.
• Excelsior participants must meet applicable employment and investment commitments.
• New life sciences companies may qualify for the Life Sciences Research and Development Tax Credit if they meet the applicable certification, employment, and research expenditure requirements.
• Additional eligibility requirements may apply to each program.

Benefits

• Excelsior Jobs Program participants may claim a research and development credit based on the applicable portion of their federal research credit attributable to New York.
• Eligible new life sciences companies may qualify for a refundable research and development tax credit.
• Credit rates and benefits are subject to employee-count requirements, program caps, annual limitations, and applicable performance or certification requirements.