Financial Incentives

Employer Incentives
Environmental and Energy-related incentives
Tax Incentives
 
 
Employer Incentives
Wage Subsidy and Transitional Employment Programs - provides financial incentives to firms that hire job seekers on public assistance.
 

The World Trade Center Job Creation & Retention Program - encourages companies to commit to creating a minimum of 75 new jobs in Lower Manhattan or retaining at least 200 Lower Manhattan jobs.

Environmental and Energy-Related Incentives [back to top]
Environmental Investment Program - helps businesses capture the economic benefits associated with pollution prevention, waste reduction, re-use and recycling.
 

Power for Jobs Program - provides 450 megawatts of low cost electricity to businesses that remain and expand in the state.
 

Existing Facilities Program (PON1219*) - provides incentives for a variety of energy projects including Pre-Qualified Measures and Performance-Based Incentives.
 

Flexible Technical Assistance (FlexTech*) - provides incentives for the implementation of cost-effective energy efficiency measures by providing a variety of technical assistance services to businesses and institutions. Potential service providers include, but are not limited to, ESCOs, energy consultants and utility companies.
 

Industrial Process and Product Innovation (PON1276*) - provides incentives for projects that develop, demonstrate, and commercialize innovative technologies that provide an energy benefit to an industrial process in the manufacturing or agricultural sectors within New York State.
 

New Construction Program (PON1222*) - provides incentives are available to incorporate energy-efficient measures into the design, construction and operation of new and substantially renovated buildings. These measures are designed to save energy through reduced electric demand, and therefore reduce building operating costs.
 

Renewable Portfolio Standard Customer-Sited Tier Fuel Cell Program (PON1150*) - provides incentives to support the purchase, installation and operation of stationary fuel cell electric power generation equipment.
 

Energy Efficiency Programs - are available through local utilities throughout New York State that provide financial and technical assistance for electric and gas efficiency.
 

Energy Efficiency Programs in Long Island - provides financial and technical assistance for businesses in the Long Island Power Authority (LIPA) district.
 

The Environmental Investment Program (EIP) - helps businesses capture the economic benefits associated with pollution prevention, waste reduction, re-use and recycling.
 

Clean Vessel Assistance Program (CVAP) - established to improve water quality in New York’s navigable waterways. Grants to manage facilities for pump-out and dump stations for sewage from recreational marine vessels. 
 

Wind Incentives for Energy Installers (PON1098*) - provides funding incentives to encourage the development of a network of eligible installers who will install end-use wind energy systems for residential, commercial, institutional, or government use.
 

Industrial Finance Program (IFP) - provides low interest loan program for eligible environmental improvement and management projects (including compliance) that are generally over $2 million. Loans are capitalized through tax-exempt bonds. Funds can be used for solid waste management, resource recovery, sewage treatment, drinking water supply and industrial hazardous waste facilities, as well as brownfield site remediation capital costs.
 

Clean Energy Business Growth & Development (PON1260*) - provides funding to establish or help grow clean energy industry and environmental businesses in New York State. Proposals are accepted until November 3, 2010. 
 

Clean Energy Manufacturing Incentive Program (PON1176*) - provides funding incentives to expand the level of manufacturing of renewable, clean and energy efficient products in New York State. Products should be beyond the prototype stage. Proposals may be submitted until June 30, 2011. 
 

Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Programs - provides technical assistance is available to help businesses secure federal funding through SBIR and STTR. Assistance includes proposal review, targeting federal programs, and assisting the progression of the R&D project through several phases of funding to eventual commercialization. SBIR awards are used by new companies as initial start-up funding or by existing companies to create new products and move into new markets. 

Tax Incentives [back to top]
New York State now has one of the lowest corporate income tax rates in the Northeast. In addition to lower corporate taxes, New York offers a variety of incentives to companies expanding or relocating in the Empire State.
 

Brownfield Cleanup Program - was established in Chapter 1 of the Laws of 2003 and amended in 2008.  The BCP provides benefits for the cleanup and redevelopment of brownfield sites including liability relief and tax credits.  Tax credits are provided in four areas; cleanup, redevelopment, real property taxes and for the purchase of environmental insurance. 
 

New Markets Tax Credit Program - subsidizes long-term capital investment in order to foster job creation and community development in Low-Income Communities throughout New York State. Empire State Development (ESD) has available interest-only loans at below-market rates, a portion of which may be forgiven upon maturity.
 

Community Renewal Tax Relief Act (CRTRA) - of 2000 authorized the U.S. Department of Housing and Urban Development to designate 40 of the most distressed areas in the United States as Renewal Communities (RCs).  Five Cities in New York State garnered the RC designation: Buffalo-Lackawanna, Jamestown, Niagara Falls, Rochester and Schenectady.  The RC designation provides various tax incentives to businesses undertaking construction and rehabilitation projects within the designated areas, including wage credits, bond financing, capital gains exclusions and tax deductions known as Commercial Revitalization Deductions (CRDs).

 

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