This article has been saved to your Favorites!

NY Rule Offers Relief To Businesses In Jobs Program

By James Nani · October 14, 2020, 4:09 PM EDT

New York's Department of Economic Development on Wednesday published an emergency rule giving it discretion to defer a business' 2020 schedule of benefits under the Excelsior Jobs Program by one year if it's been negatively affected by the COVID-19 emergency.

The emergency rule, published in the state register, allows the state to provide relief to those participating in the state's Excelsior Jobs Program and affected by the economic downturn caused by COVID-19, the illness caused by the novel coronavirus. The notice serves as an emergency adoption of the rule and the regulation expires on Dec. 23, 2020. 

The emergency rule gives the program discretion to let affected businesses have their 2020 benefits, and the commitments associated with them, be deferred to 2021, the rule said. Businesses would need to provide information to show they have been negatively affected by the COVID-19 emergency, the rule said.

Businesses participating in the Excelsior Jobs Program are eligible for four types of refundable tax credits and can claim them for up to 10 years as laid out by the program's schedule of benefits, according to the program's website. Tax credits are awarded if a business meets and maintains certain job or investment requirements, the website said. 

--Editing by Joyce Laskowski. 

For a reprint of this article, please contact reprints@law360.com.