N.Y. Economic Development Law § 351: Statement of legislative findings and declaration

§ 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.