The State of New York offers a wide variety of business incentives for companies seeking to expand their operations or those interested in relocating to the state. These include:
Investment Tax Credit. 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.
Research and Development Tax Credit. Investments in research and development 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.
No Personal Property Tax. Unlike many other states, which tax both real property and personal property, property taxes in New York State are imposed on real property only. Personal property, whether tangible or intangible, is exempt from state and local taxes.
For more information, please contact Glenn Walsh at (914)997-9167 or Empire State Development at (800)782-8369 or visit www.empire.state.ny.us
