Governor Andrew Cuomo recently enacted into law the New York State Budget for Fiscal Year 2012-13. In addition to setting the State’s spending priorities for the upcoming year, the Budget emphasized critical policy initiatives designed to encourage economic development across New York State, and created new programs to further aid the growth of Upstate New York in general and Western New York in particular. Among the key provisions:
• $220 million statewide, including $70 million in Excelsior Jobs tax credits, for critical economic development projects, to be awarded in part by the existing Regional Economic Development Councils which were created and convened during the past year.
• $100 million in Excelsior Jobs tax credits and other economic development moneys for the Buffalo Regional Innovation Cluster. These moneys are a “down payment” on a larger $1 billion initiative targeting only Western New York.
• Creation of the Western New York Power Proceeds Allocation Board to allocate moneys derived from the sale of power generated at the Niagara Power Project towards projects solely in Western New York involving significant capital investment.
• Creation of the New York Energy SuperHighway Initiative to leverage private and public moneys to build and rebuild New York’s energy infrastructure over both the short and long-term.
It should be noted that access to the incentive programs discussed above necessitate a “holistic” approach: clients should be advised that there are strategic considerations, not only as to how these programs interplay with the client’s business considerations and future planning, but also as to how expansion and hiring projects are presented to public officials to maximize benefit.
Phillips Lytle’s Project Development Team is available to assist you with accessing these programs as well as the rest ofNew York State’s extensive economic development incentive packages.
Economic Development Incentives Attorneys:
Douglas W. Dimitroff (716) 847-5408 firstname.lastname@example.org
David P. Flynn (716) 847-5473 email@example.com
Kelly E. Marks (716) 847-5426 firstname.lastname@example.org
Paul V. O’Brien (212) 508-0492 email@example.com
Donald T. Ross (518) 472-1224 ext.1255 firstname.lastname@example.org
Jonathan P. Taber (716) 483-5273 email@example.com
Milan K. Tyler (212) 508-0439 firstname.lastname@example.org
Phillips Lytle Locations:
Albany Omni Plaza 30 South Pearl Street Albany, NY 12207-3425 (518) 472-1224
Buffalo 3400 HSBC Center Buffalo, NY 14203-2887 (716) 847-8400
Chautauqua 201 West Third Street Suite 205 Jamestown, NY 14701-4907 (716) 664-3906
Garden City 1305 Franklin Avenue Suite 200 Garden City, NY 11530-1630 (516) 742-5201
New York City 437 Madison Avenue 34th Floor New York, NY 10022-7021 (212) 759-4888
Rochester 1400 First Federal Plaza Rochester, NY 14614-1935 (585) 238-2000
Canada The Communitech Hub 151 Charles Street West Suite 152, The Tannery Kitchener, Ontario N2G 1H6 Canada (519) 570-4800