Empire Innovation Act allows Excelsior Jobs Program participants to claim a tax credit for R&D expenses in New York.

The Empire Innovation Act amends the economic development law to allow participants in the Excelsior Jobs Program to claim a tax credit for their research and development expenses incurred in New York. If a participant also receives a federal R&D tax credit, they can only claim a credit equal to fifty percent of their federal credit related to New York R&D expenses. The credit is subject to limits based on the type of project, such as green or semiconductor supply chain projects.

Empire Innovation Act allows Excelsior Jobs Program participants to claim a tax credit for R&D expenses in New York.

The Empire Innovation Act amends the economic development law to allow participants in the Excelsior Jobs Program to claim a tax credit for their research and development expenses incurred in New York. If a participant also receives a federal R&D tax credit, they can only claim a credit equal to fifty percent of their federal credit related to New York R&D expenses. The credit is subject to limits based on the type of project, such as green or semiconductor supply chain projects.