Cash in Now! – New York State Qualified Emerging Technology Credits Expire After 2011 Tax Year
If you are an emerging technology company within the state of New York you may be entitled to a refundable tax credit. This refundable credit allows companies to get cash back of up to $250,000 per year even if they have no current tax liability. The 2011 tax year is the last year in which the credit will be permitted; at that point it will be replaced by the Excelsior Jobs Program, which has more restrictive requirements. If you believe your company may qualify for the credit but have not claimed it in the past, it should be noted that it is possible to file amended tax returns to claim the credit for past years if the statute remains open.