Economic Development Committee

June 18, 2010
Staff Contact: Ken Pokalsky

Agreed to Excelsior Program

The Administration, Senate and Assembly have agreed to a modified version of the Governor’s proposed Excelsior job creation program. This proposal – S.6609-B/A.9709-C, Part MM – passed the Assembly today. A summary of key components is provided below.

TBC Advocacy Efforts

We have been urging the legislature – especially Upstate members - to push for a higher annual cap on available Excelsior tax credits, which would accommodate additional projects, support additional capital investment and job creation, and allow for increased credits, especially higher RPT credits.

This limited program, coupled with pending proposals to defer the use of already-earned business tax credits and the lack of progress on a new economic development power program, will leave state with few significant economic development incentives to support investment and retention projects.

Key Components of the revised Excelsior program include:


Overall, we believe this is a very limited allocation of economic development resources for a statewide, multi-sector program (in contrast, the state’s film production credit is being increased to more than $500 million for each of the next five years, for a total commitment of $2.1 billion). Likewise, we believe the RPT credit will be inadequate to offset the adverse impact of high property taxes on potential development projects. We also disagree with tying R&D tax credits to job creation. We generally support the agreement’s targeting of industrial sectors, and we strongly support the inclusion of capital investment-based eligibility criteria.

Staff contact: ken.pokalsky@bcnys.org