Green Innovations

Developing renewable and clean technology companies in New York

Sunday, January 10, 2010

Green innovation gets big boost in State of the State address through proposed new Manufacturing Legacy Program to re-purpose industrial buildings for new green industries

This week's State of the State address included a proposal to create a NYS Manufacturing Legacy Program to re-purpose older industrial sites to manufacture the products of a new green economy -- photovoltaic cells, wind turbines and fuel cell batteries, among other emerging technologies.  The plan starts with an inventory of available locations, and investment to aggressively market the locations nationally and internationally.

In addition, the State will create industrial assistance centers to support efforts to transition underutilized facilities.  NYSERDA will assist companies by providing capital enhancements to renovate and reuse the facilities to produce clean energy technologies and components.  NYPA will offer low-cost financing for clean energy retrofits for its economic development customers.

In addition, a proposed Excelsior New Jobs Program will target tax credits in sectors such as high technology, clean technology and biotechnology.  A new Excelsior Jobs Tax Credit, expanded Research and Development Tax Credit and expanded Investment Tax Credit will support expansion and growth by companies in targeted emerging technology sectors.