2021 New York Laws
COM - Economic Development Law
Article 17 - Excelsior Jobs Program Act
359 - Cap on Tax Credit.

§  359.  Cap  on tax credit. The total amount of tax credits issued by
  the commissioner for any taxable year may not exceed the limitations set
  forth in this section. One-half of any amount of tax credits not awarded
  for a particular taxable year may be used by the commissioner  to  award
  tax credits in another taxable year.
 
  Credit components in the aggregate           With respect to taxable
  shall not exceed:                            years beginning in:
 
        $ 50 million                               2011
        $ 100 million                              2012
        $ 150 million                              2013
        $ 200 million                              2014
        $ 250 million                              2015
        $ 183 million                              2016
        $ 183 million                              2017
        $ 183 million                              2018
        $ 183 million                              2019
        $ 183 million                              2020
        $ 183 million                              2021
        $ 133 million                              2022
        $ 83 million                               2023
        $ 36 million                               2024
        $ 200 million                              2025
        $ 200 million                              2026
        $ 200 million                              2027
        $ 200 million                              2028
        $ 200 million                              2029
 
Twenty-five  percent  of  tax credits shall be allocated to businesses
  accepted into the  program  under  subdivision  four  of  section  three
  hundred  fifty-three  of  this  article  and seventy-five percent of tax
  credits shall be allocated to businesses accepted into the program under
  subdivision three of section three hundred fifty-three of this article.
Provided, however, if by September thirtieth of a calendar  year,  the
  department  has  not  allocated  the full amount of credits available in
  that year to either: (i) businesses  accepted  into  the  program  under
  subdivision four of section three hundred fifty-three of this article or
  (ii)  businesses  accepted  into  the program under subdivision three of
  section three hundred fifty-three of this article, the commissioner  may
  allocate  any  remaining  tax  credits  to businesses referenced in this
  paragraph as needed; provided, however, that under no circumstances  may
  the  aggregate  statutory  cap  for  all  program years be exceeded. One
  hundred percent of the unawarded amounts remaining at  the  end  of  two
  thousand   twenty-nine   may   be   allocated   in   subsequent   years,
  notwithstanding the fifty percent  limitation  on  any  amounts  of  tax
  credits  not  awarded  in  taxable years two thousand eleven through two
  thousand twenty-nine. Provided, however, no tax credits may  be  allowed
  for  taxable  years  beginning  on  or after January first, two thousand
  forty.