The empire state is open for business—Overview of select New York credits and incentives
Credits & Incentives talk with Deloitte
"Credits & Incentives talk with Deloitte" is a monthly column featured in the 'Journal of Multistate Taxation and Incentives,' a Thomson Reuters publication. The March/April edition, co-authored by Douglas Tyler and Jackie Hakimian, discusses the variety of tax and financial incentives programs that may provide a valuable return on investment for companies considering expanding or relocating operations in New York.
New York offers a variety of tax and financial incentives programs that may provide a valuable return on investment for companies considering expanding or relocating operations in New York. This article provides a high-level overview of a number of credits and incentives (C&I) programs at the state and local levels that may be available in New York.
At a high level, New York's C&I programs consist of two primary categories: discretionary incentives and statutory tax credits. Discretionary incentives typically require an application and pre-approval and are often used in the context of inducing economic activity in the state that would have gone elsewhere, or may not occur, but for an economic incentive. These types of incentives may include, but are not limited to, cash grants, refundable income tax credits, property tax abatements, sales and use tax exemptions, and other monetary-type awards. Statutory tax credits generally do not require pre-approval and are typically generated upon a taxpayer meeting defined eligibility requirements, including the performance of a particular business activity (e.g., purchase of qualified property).
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