Defines community significant projects as a business creating or retaining current jobs as determined by the commissioner, with particular emphasis on employment and/or training of current public housing residents; currently located or to be located in existing leased space of a building in a public housing development in the state; and which makes significant qualified capital investments to start a business, or improve services and working conditions for an existing business, when located in such public housing space and including such projects in the excelsior jobs program.
STATE OF NEW YORK
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11147
IN ASSEMBLY
April 27, 2026
___________
Introduced by M. of A. HYNDMAN -- read once and referred to the Commit-
tee on Economic Development
AN ACT to amend the economic development law, in relation to defining
community significant projects and including such projects in the
excelsior jobs program
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivisions 17 and 20-a of section 352 of the economic
2 development law, subdivision 17 as amended by section 1 of part K and
3 subdivision 20-a as added by section 1 of part ZZ of chapter 59 of the
4 laws of 2017, are amended and a new subdivision 18-a is added to read as
5 follows:
6 17. "Qualified investment" means an investment in tangible property
7 (including a building or a structural component of a building) owned by
8 a business enterprise which:
9 (a) is depreciable pursuant to section one hundred sixty-seven of the
10 internal revenue code;
11 (b) has a useful life of four years or more;
12 (c) is acquired by purchase as defined in section one hundred seven-
13 ty-nine (d) of the internal revenue code;
14 (d) has a situs in this state; [and]
15 (e) is placed in service in the state on or after the date the certif-
16 icate of eligibility is issued to the business enterprise; and
17 (f) demolition and remediation of costs incurred and paid in the
18 leased building by the business enterprise in a public housing develop-
19 ment in the state, as determined by the commissioner.
20 18-a. "Community significant project" means (a) a business creating or
21 retaining current jobs as determined by the commissioner, with partic-
22 ular emphasis on employment and/or training of current public housing
23 residents; (b) currently located or to be located in existing leased
24 space of a building in a public housing development in the state that is
25 owned and operated by a public housing authority created under article
26 thirteen of the public housing law; (c) which makes significant quali-
27 fied capital investments to start a business, or improve services and
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD00624-03-6
A. 11147 2
1 working conditions for an existing business, when located in such public
2 housing space; and (d) creates at least five new net jobs or retaining
3 current jobs or makes qualified capital investments to such space of a
4 building. The commissioner shall promulgate regulations pursuant to
5 section three hundred fifty-six of this article to determine what addi-
6 tional criteria a business must meet to be eligible as a community
7 significant project, including, but not limited to, incentivizing child
8 care providers and other businesses that support the needs of the work-
9 force residing in such public housing and the social and health needs of
10 residents in such public housing, ensuring that residents are not
11 displaced and ensuring that services or programs being offered to public
12 housing residents by either a public housing authority or an entity
13 already onsite, are not displaced in order to locate or expand a busi-
14 ness in a public housing development.
15 20-a. "Significant capital investment" means a project which will be
16 either a newly constructed facility or a newly constructed addition to,
17 expansion of or improvement of a facility, consisting of tangible
18 personal property and other tangible property, including buildings and
19 structural components of buildings, that are depreciable pursuant to
20 section one hundred sixty-seven of the internal revenue code, have a
21 useful life of four years or more, are acquired by purchase as defined
22 in section one hundred seventy-nine (d) of the internal revenue code,
23 and that is equal to or exceeds (a) one million dollars for a manufac-
24 turer; (b) two hundred fifty thousand dollars for an agriculture busi-
25 ness; (c) three million dollars for a financial services firm or back
26 office operation; (d) fifteen million dollars for a distribution center;
27 (e) three million dollars for a scientific research and development
28 firm; [or] (f) three million dollars for other businesses; or (g) one
29 million dollars for a significant project.
30 § 2. Paragraphs (n) and (o) of subdivision 1 and subdivisions 3 and 4
31 of section 353 of the economic development law, paragraph (n) of subdi-
32 vision 1 as amended and paragraph (o) of subdivision 1 as added by
33 section 2 of subpart A of part H of chapter 59 of the laws of 2025,
34 subdivision 3 as amended by chapter 494 of the laws of 2022 and subdivi-
35 sion 4 as separately amended by section 3 of part K and section 2 of
36 part ZZ of chapter 59 of the laws of 2017, are amended and a new para-
37 graph (p) is added to subdivision 1 to read as follows:
38 (n) as a Green CHIPS project; [or]
39 (o) as a company operating in one of the industries listed in para-
40 graphs (a) through (k) of this subdivision and engaging in a semiconduc-
41 tor supply chain project as defined in section three hundred fifty-two
42 of this article[.]; or
43 (p) as a community significant project.
44 3. For the purposes of this article, in order to participate in the
45 excelsior jobs program, a business entity operating predominantly in
46 manufacturing must create at least five net new jobs; a business entity
47 operating predominately in agriculture must create at least five net new
48 jobs; a business entity operating predominantly as a financial service
49 data center or financial services customer back office operation must
50 create at least twenty-five net new jobs; a business entity operating
51 predominantly in scientific research and development must create at
52 least five net new jobs; a business entity operating predominantly in
53 software development must create at least five net new jobs; a business
54 entity creating or expanding back office operations must create at least
55 twenty-five net new jobs; a business entity operating predominately in
56 music production must create at least five net new jobs; a business
A. 11147 3
1 entity operating predominantly as an entertainment company must create
2 or obtain at least one hundred net new jobs; [or] a business entity
3 operating predominantly as a distribution center in the state must
4 create at least fifty net new jobs, notwithstanding subdivision five of
5 this section; or a business entity operating predominately as a life
6 sciences company must create at least five net new jobs; [or] a business
7 entity must be a regionally significant project or Green CHIPS project
8 as defined in this article; or a community significant project as
9 defined in this article; or
10 4. A business entity operating predominantly in one of the industries
11 referenced in paragraphs (a) through (h) or in paragraph (k) or (p) of
12 subdivision one of this section but which does not meet the job require-
13 ments of subdivision three of this section must have at least twenty-
14 five full-time job equivalents unless such business is a business entity
15 operating predominantly in manufacturing then it must have at least five
16 full-time job equivalents and must demonstrate that its benefit-cost
17 ratio is at least ten to one.
18 § 3. Paragraph (a) of subdivision 4 of section 355 of the economic
19 development law, as amended by section 4 of part G of chapter 61 of the
20 laws of 2011, is amended to read as follows:
21 (a) A participant in the excelsior jobs program who either qualified
22 as a regionally significant project, a community significant project or
23 is located in an investment zone shall be eligible to claim a credit for
24 a period of ten years. For the purposes of this subdivision, the lease
25 payment paid by the business enterprise pursuant to a public housing
26 development in this state shall be eligible real property tax for
27 purposes of this subdivision.
28 § 4. This act shall take effect immediately and shall apply to taxable
29 years beginning on and after January 1, 2026.
