ยง 351. Statement of legislative findings and declaration. It is hereby
found and declared that New York state needs, as a matter of public
policy, to create competitive financial incentives for businesses to
create jobs and invest in the new economy. The excelsior jobs program
act is created to support the growth of the state's traditional economic
pillars including the manufacturing and financial industries and to
ensure that New York emerges as the leader in the knowledge, technology
and innovation based economy. The program will encourage the expansion
in and relocation to New York of businesses in growth industries such as
clean-tech, broadband, information systems, renewable energy and
biotechnology.
This legislation creates the excelsior jobs program, which has four
components: the excelsior jobs tax credit, the excelsior investment tax
credit, the excelsior research and development tax credit and the
excelsior real property tax credit. These credits are designed to
promote business expansion in New York state and increase jobs in the
new economy. At the same time, the program protects state taxpayers'
dollars by ensuring that New York provides tax benefits only to
businesses that have created the promised jobs and made the promised
investments.