Despite taking the brunt of the pandemic at the start, the Empire State is experiencing a notable rebound, both in New York City and across the state. Plug Power announced in February 2021 that it will build one of the largest green hydrogen plants in the country in Genesee County. Fashionphile, CPI Aero and Ubiquity Solar have also announced investments in the state in the past year.
Excelsior Jobs Program: Offers a jobs tax credit of up to 6.85% of wages per net new job, an investment tax credit of 2%, an R&D credit of up to 6% and a property tax credit for companies that meet established job and investment thresholds.
START-UP NY: Offers tax-based incentives, innovative academic partnerships and the opportunity to operate tax-free for up to 10 years on an eligible university or college campus.
Life Sciences Tax Credit Program: Offers a fully refundable credit of 15% for a company that employs 10 or more people for life sciences R&D performed in the state.
Employee Training Incentive Program: Offers a credit of 50% of eligible training costs, up to $10,000 per employee, for New York State employers seeking to upgrade skills or improve the productivity of their employees.
Empire State Development in May 2021 created an accessible and searchable Database of Economic Incentives on its platform. The program is designed to increase transparency into projects that received ESD support and how incentives are awarded. The database contains information on more than 1,000 projects.
53 Fortune 500 companies headquartered here, including: