Empire Innovation Act: Excelsior Jobs Program participants can claim a credit for R&D expenses in New York, with limits if they also receive federal.

The Empire Innovation Act amends the economic development law to provide a tax credit for participants in the Excelsior Jobs Program. Participants can claim a credit equal to the portion of their full R&D expenses related to activities in New York. If they also receive a federal R&D tax credit, they can only claim up to 50% of their federal credit related to New York R&D expenses. The credit cannot exceed 6% of R&D expenses unless the project is green or a Green CHIPS project, in which case it cannot exceed 8%. The act takes effect immediately.

Empire Innovation Act: Excelsior Jobs Program participants can claim a credit for R&D expenses in New York, with limits if they also receive federal.

The Empire Innovation Act amends the economic development law to provide a tax credit for participants in the Excelsior Jobs Program. Participants can claim a credit equal to the portion of their full R&D expenses related to activities in New York. If they also receive a federal R&D tax credit, they can only claim up to 50% of their federal credit related to New York R&D expenses. The credit cannot exceed 6% of R&D expenses unless the project is green or a Green CHIPS project, in which case it cannot exceed 8%. The act takes effect immediately.