Budget impacts New York State, New York City tax credits, incentives

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April 2020

Overview

Governor Andrew Cuomo (D) signed budget legislation on April 3 that includes updates and extensions to many tax credit and incentive programs offered by New York State and New York City.  Significant changes to the Excelsior jobs program include extending the program’s length, authorizing an additional $1 billion allocation of total tax credits for 2025 through 2029, and adding a new ‘Green Project’ category that offers enhanced benefits. 

Additional existing tax credits and incentive programs extended by the budget include the Hire a Veteran Tax Credit program, the New York Film Production and Post Production Tax Credit programs, the START-UP NY Program, the NYC Relocation Employment Assistance Program and Lower Manhattan Relocation Employment Assistance Program, and the New York City Industrial and Commercial Abatement Program. 

The takeaway

The extension of the Excelsior program demonstrates New York State’s ongoing commitment to actively compete for economic development projects in targeted industries. In addition, the extension of the New York City incentive programs emphasizes the importance that New York State is placing on attracting companies to locate projects in Lower Manhattan and the outer boroughs of New York City.

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Peter Michalowski

State and Local Tax Leader, PwC US

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