Industrial, select commercial and financial service firms are eligible for the credit. The credit amount is a percentage of the amount of investment. The standard rate is 5% on the first $350 million, and 4% for anything above that amount. The credit is claimed against the business' tax returns.
If the investment creates jobs, businesses can receive the Employment Incentive Credit. Click the following link to learn more about this credit.
Businesses claiming the credit on a property must show that the property:
- has a useful life of at least four years;
- is in New York State; and
- is used for the economic reasons set forth in the credit's conditions.
For more information, contact:
W.A. Harriman Campus
Albany, NY 12227
Phone: (518) 485-2889