Qualified R&D expenses follow the federal Section 41 definition, simplifying compliance for companies claiming federal credits. To apply, businesses must obtain a credit certificate from Empire State Development (ESD). The credit is fully refundable over 10 years if job targets are met: 5+ jobs (R&D/manufacturing), 25+ (back-office), 50+ (distribution), 100+ (entertainment), or 150+ with a $3M+ investment (other industries). Applications go through ESD’s CFA portal, with annual reports required to maintain eligibility. Non-Excelsior Program companies may qualify for the Life Sciences R&D Tax Credit.

Swanson Reed is one of the only companies in the United States to exclusively focus on R&D tax credit preparation. Swanson Reed’s office location at 350 Northern Blvd, Albany, New York provides R&D tax credit consulting and advisory services to New York City, Buffalo, Rochester, Yonkers, Syracuse, Albany, New Rochelle, Mount Vernon, Schenectady, Utica, White Plains, Troy, Niagara Falls, Binghamton, Rome, Long Beach, Poughkeepsie, North Tonawanda, Jamestown and Ithaca.

If you have any questions or need further assistance, please call or email our local New York Partner on (518) 801-0616.
Feel free to book a quick teleconference with one of our New York R&D tax credit specialists at a time that is convenient for you. Click here for more information about R&D tax credit management and implementation.