Qualified Emerging Technology Company Employment Credit

This credit rewards job creation in qualified emerging technology companies (QETCs).

A QETC is a company located in New York State with total annual product sales of $10 million or less, and meets either of the following criteria:

1. Primary products or services include:

• Advanced materials and processing technologies
• Engineering, production, and defense
• Electronic and photonic devices and components
• Information and communications technologies
• Biotechnologies and nanotechnologies
• Remanufacturing technologies

or

2. The company has research and development (R&D) activities in New York State. Its ratio of research funds to net sales equals or exceeds the average ratio for all surveyed companies, as determined by the National Science Foundation.

For the employment credit, the company's employment must increase by at least 1%. The credit is approximately $1,000 per new employee. The credit is available for three years, as long as the company remains eligible.