Zebrowski: Budget Fosters Economic Development
Ken Zebrowski (D – New City) announced that the 2011-12 state budgets creates the Recharge New York power program, strengthens the Excelsior Jobs program, and forms 10 Regional Economic Development Councils.
“Now is the time to invest in measures that encourage economic growth and put us on the road to recovery; we can revitalize the state’s economy by bringing good-paying manufacturing jobs to New York,” Zebrowski said “If we are to remain competitive we’ve got to keep our economy moving forward,” said Zebrowski
Recharge New York provides long-term, low-cost power
Recharge New York is a sustainable and predictable energy program for businesses and not-for-profits designed to protect and create jobs and encourage new capital investments. For years, the high cost of energy in New York has made it difficult for communities to retain and attract manufacturing, datacenter, and research and development facilities. Recharge New York will help lower business costs and create good-paying jobs across the state.”
Under Recharge New York, the New York Power Authority (NYPA) will provide 910 megawatts of low-cost power to businesses and not-for-profits that commit to job creation and retention and capital-investment goals. Qualified applicants will receive power purchase contracts of up to seven years, providing the certainty needed by businesses to make long-term investments and workforce commitments. To ensure energy efficiency, Recharge New York customers will be required to undergo energy audits.
Excelsior Jobs provides an additional $1.25 billion in needed tax credits
The Excelsior Jobs program was established in 2010 to boost job creation and provide investment incentives to businesses in strategic industries across the state, such as manufacturing, high-tech and clean-energy jobs. The 2011-12 budget strengthens the program by enhancing tax credits and improving the program’s responsiveness.
This year’s budget strengthens the Excelsior Jobs program’s by enhancing tax benefits and improving the program’s responsiveness. Over the next decade, the program will double, which will give businesses the stability they need and provide $2.5 billion in total relief. The final budget also increases the Excelsior Research & Development tax credit from 10 percent to 50 percent of the taxpayer’s actual federal research and development credit, and bases the Excelsior Real Property tax credit on the value of a property after improvements.
Ron Hicks, President and CEO of the Rockland Development Corporation said “I applaud Assemblyman Zebrowski for passing the Governor’s enhancements to the Excelsior Jobs program, which substantially improves the program and puts New York on the right path to economic recovery.”
Regional Economic Development Councils promote local job growth
The 2011-12 budget provides funding for the Regional Economic Development Councils across the state. The councils, chaired by the state’s lieutenant governor, will help create a region-based approach to allocating $130 million in state funds over two years for economic development.
“New York State is home to many diverse regions that carry with them their own unique strengthen and weaknesses it is my hope that this regional approach to economic development will help us grow our existing clusters such biotechnology and attract new ones to create good paying jobs and opportunities that will help residents in Rockland County and New York State back to work,” Zebrowski said.