STATE OF NEW YORK
________________________________________________________________________
6866
2025-2026 Regular Sessions
IN SENATE
March 25, 2025
___________
Introduced by Sen. WEBB -- read twice and ordered printed, and when
printed to be committed to the Committee on Commerce, Economic Devel-
opment and Small Business
AN ACT to amend the economic development law, in relation to increasing
the excelsior research and development tax credit
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 3 of section 355 of the economic development
2 law, as amended by chapter 494 of the laws of 2022, is amended to read
3 as follows:
4 3. Excelsior research and development tax credit component. A partic-
5 ipant in the excelsior jobs program shall be eligible to claim a credit
6 equal to fifty percent of the portion of the participant's federal
7 research and development tax credit that relates to the participant's
8 research and development expenditures in New York state during the taxa-
9 ble year; provided however, if not a green project, the excelsior
10 research and development tax credit shall not exceed [six] twenty
11 percent of the qualified research and development expenditures attribut-
12 able to activities conducted in New York state, or, if a green project
13 or a Green CHIPS project[, the excelsior research and development tax
14 credit] shall not exceed eight percent of the research and development
15 expenditures attributable to activities conducted in New York state. If
16 the federal research and development credit has expired, then the
17 research and development expenditures relating to the federal research
18 and development credit shall be calculated as if the federal research
19 and development credit structure and definition in effect in two thou-
20 sand nine were still in effect. Notwithstanding any other provision of
21 this chapter to the contrary, research and development expenditures in
22 this state, including salary or wage expenses for jobs related to
23 research and development activities in this state, may be used as the
24 basis for the excelsior research and development tax credit component
25 and the qualified emerging technology company facilities, operations and
26 training credit under the tax law.
27 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09412-01-5
