What tax benefits are available for green businesses in New York State?

New York State offers a variety of tax benefits and incentives for green businesses to encourage environmentally-friendly practices and sustainability. Here are some of the key benefits available:

Excelsior Jobs Program: Green businesses that create jobs and make significant capital investments in New York State may qualify for tax credits under this program. The credits can offset various state taxes, including income taxes and sales taxes.
Green Building Tax Credit: This credit is available for owners and tenants of green buildings that meet certain sustainability criteria. It can provide significant savings by reducing income and franchise tax liabilities.
Investment Tax Credits (ITC): Green businesses involved in manufacturing or production that invest in solar, wind, or other renewable energy systems may be eligible for investment tax credits, helping to offset the cost of these installations.
Brownfield Redevelopment Tax Credit: Businesses that clean up and redevelop contaminated sites, turning them into green spaces or eco-friendly developments, can receive substantial tax credits under this program.
Sales Tax Exemptions: Certain purchases by green businesses, such as equipment for renewable energy projects or energy-efficient appliances, may be exempt from state sales taxes.
Real Property Tax Abatement: Green businesses that incorporate renewable energy systems into their properties may qualify for property tax abatements, thereby reducing their overall tax burden.
Research and Development (R&D) Tax Credits: Businesses that engage in R&D activities related to green technology and sustainable practices can claim refundable tax credits for qualifying expenditures.
Empire State Development’s Clean Energy Fund: While not a direct tax credit, this fund provides grants and incentives that can indirectly reduce a business’s financial burden and encourage clean energy projects.

Always consult with a tax professional or legal advisor to understand all eligibility requirements and to ensure you are taking advantage of all applicable benefits. Rules and availability of tax incentives can change, so keeping up-to-date with New York State's tax code and programs is essential.