Overview of New York State Incentive Programs

New York State offers a variety of incentive programs to assist with business development including startup, expansion, relocation, process improvements, energy efficiency, low-cost power, workforce development, and more. New York State has reduced the tax on the entire net income base for manufacturers to 0%.

Excelsior Tax Credit Program

The Excelsior Tax Credit Program gives refundable tax credits to new and existing companies in New York State, based on job creation, capital investment and investment in research and development. The program is administered by Empire State Development, New York State's economic development agency.

As-of-Right Refundable Tax Credits

Any company that is new to New York State will receive a 5% cash refund on any capital spending up to $350 million for the first five years of operation in New York State. Any spending over $350 million in the first five years will result in a 4% cash refund from New York State.

Capital Grants Program

Capital grants are available for any company investing in job creation and/or corporate infrastructure. The program is administered by Empire State Development, New York State's economic development agency.

Western New York Regional Economic Development Council

New York State utilizes an online Consolidated Funding Application (CFA) for all statewide economic development incentives including grants, low-interest loans, tax credits, and low-cost power allocations.  CFAs are reviewed and scored by the Western New York Regional Economic Development Council (WNY REDC) in conjunction with the state agencies that administer each economic development program.  The WNY REDC reviews projects for consistency with the "Strategy for Prosperity," which is Western New York's Regional Economic Development Plan, and prepares a list of funding priorities.

For more information on the WNY REDC, the WNY Regional Economic Development Plan, and the CFA process including available economic development resources, please visit:

New York Power Authority

​The New York Power Authority (NYPA) is the largest state-owned power authority in the U.S., operating 17 generating facilities including the Niagara Power Project, which is the largest power producer in New York State and the fourth largest hydroelectric power plant in the U.S.  Several economic development programs are available through NYPA.

Niagara Hydropower, often referred to as Expansion and Replacement Power, is a low-cost power program available solely to companies in WNY located within a 30-mile radius of the Niagara Power Project.

WNY Economic Development Fund, which is capitalized through the sale of unused Niagara Hydropower, provides grants to projects located within 30-miles of the Niagara Power Project.

ReCharge New York provides low-cost power to companies statewide.

To learn more about these NYS Incentives, please contact us today.