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The Excelsior Jobs Program offers a refundable R&D tax credit of 15% of expenditures for life sciences companies with 10 or more employees, or 20% for fewer, with a cap of $500,000 per year and $1.5 million lifetime. Contact Strike Tax to maximize your savings.
Activities must be qualified life sciences research under IRC § 41 in New York, such as biotech or pharmaceutical development. Strike Tax can identify qualifying projects.
Yes, startups with fewer than 10 employees qualify for the 20% rate, and the federal R&D credit with payroll tax offsets up to $500,000 per year for up to five years if gross receipts are under $5 million. Strike Tax can guide eligibility.
Maintain contemporaneous records like project descriptions, time tracking, and expense logs. For 2025, Form 6765 requires Section G for business component details on claims over $10,000. Strike Tax ensures audit-ready documentation.
Apply through Empire State Development for Excelsior certification, then claim on your tax return. For federal, file Form 6765. Strike Tax streamlines the process.
Proposed increase in Excelsior credit under S6866; new credits for child care and others; federally, Form 6765 adds Section G, and Section 174 restores full expensing. Strike Tax can help navigate these updates.
