What the Excelsior Jobs Program Is

The Excelsior Jobs Program is New York State’s main performance-based tax credit program for businesses that create jobs or make significant capital investments. It’s administered by Empire State Development (ESD) and offers five fully refundable tax credits — meaning you get the money back even if it exceeds what you owe in taxes.

The program was significantly enhanced in recent years with a new category: semiconductor supply chain projects. Companies that create jobs or invest in expansion to support the semiconductor manufacturing sector — including Micron’s New York operations — can qualify for elevated credit rates.

The Five Tax Credits

Credits are fully refundable and claimed over a benefit period of up to 10 years. Green CHIPS projects like Micron itself are eligible for up to 20 years.

What Qualifies as a “Semiconductor Supply Chain Project”

This is the key question most businesses need answered. A semiconductor supply chain project is one that makes products or develops technologies primarily aimed at supporting semiconductor manufacturing. ESD’s definition explicitly includes:

• Semiconductor device manufacturing
• Producers of component parts, direct input materials, and equipment necessary for chip manufacturing
• Machinery, equipment, and materials for the operational efficiency of semiconductor fabs
• Assembly, testing, packaging, and advanced packaging
• Companies providing inputs directly supportive of domestic chip production

It explicitly does not include general-purpose machinery or materials that happen to be used in semiconductor manufacturing, or projects with only marginal benefit to the semiconductor sector. The connection must be direct and primary.

Eligibility Requirements

To qualify for the standard Excelsior program, businesses must operate in a targeted strategic industry and meet one of two tracks:

Job Growth Track (75% of program): Create net new jobs in New York. Minimum thresholds vary by industry — manufacturing businesses typically need to create at least 5 net new jobs. This track is available to most qualifying businesses.

Investment Track (25% of program): Make significant capital investments in a New York facility while meeting minimum job retention criteria. Requires a benefit-cost ratio of at least $10 in investment and wages for every $1 of tax credit. Firms must have at least 50 employees.

For the enhanced semiconductor supply chain credits, companies must also be operating in one of ESD’s strategic industry categories, which includes manufacturing, software development, and scientific R&D.

How to Apply

The Excelsior Jobs Program is not a one-time grant — it’s a multi-year agreement. Here’s how the process works:

Step 1: Contact ESD’s Central New York regional office to assess eligibility before applying. Program participation and credit amounts are at the Commissioner’s discretion. An ESD industry director can tell you whether your project is likely to qualify.

Step 2: Submit an application through ESD’s Consolidated Funding Application (CFA) portal. Applications are accepted on a rolling basis.

Step 3: If approved, ESD enters into a benefit schedule agreement with your firm that specifies the credits available and the job/investment commitments required each year.

Step 4: Credits are claimed annually through the NYS tax system after your firm demonstrates it met its annual commitments. You receive a certificate from ESD authorizing you to claim each year’s credits.

Key Resources

• ESD Excelsior Jobs Program Page — full eligibility criteria, application portal, and contact information
• ESD Central New York Regional Office — contact for CNY-specific guidance
• Excelsior Program Overview 2025 (PDF) — full credit schedule and program details