§ 351 — Statement of legislative findings and declaration

§ 351. Statement of legislative findings and declaration. It is hereby\nfound and declared that New York state needs, as a matter of public\npolicy, to create competitive financial incentives for businesses to\ncreate jobs and invest in the new economy. The excelsior jobs program\nact is created to support the growth of the state's traditional economic\npillars including the manufacturing and financial industries and to\nensure that New York emerges as the leader in the knowledge, technology\nand innovation based economy. The program will encourage the expansion\nin and relocation to New York of businesses in growth industries such as\nclean-tech, broadband, information systems, renewable energy and\nbiotechnology.\n This legislation creates the excelsior jobs program, which has four\ncomponents: the excelsior jobs tax credit, the excelsior investment tax\ncredit, the excelsior research and development tax credit and the\nexcelsior real property tax credit. These credits are designed to\npromote business expansion in New York state and increase jobs in the\nnew economy. At the same time, the program protects state taxpayers'\ndollars by ensuring that New York provides tax benefits only to\nbusinesses that have created the promised jobs and made the promised\ninvestments.\n