New York Enacts Major Legislation to Accelerate Business Growth and Job Creation
The FY2026 Enacted Budget introduces significant programs aimed at bolstering site readiness, infrastructure investment, and strategic industry development
Governor Kathy Hochul has signed comprehensive legislation to position New York State as a national leader in business growth, job creation, and economic development. The legislative package, a cornerstone of the FY2026 Enacted Budget, introduces significant programs aimed at bolstering site readiness, infrastructure investment, and strategic industry development.
The new legislation introduces several targeted initiatives designed to stimulate statewide economic expansion and attract new business investments. A key component is the newly launched Promote Opportunity with Electric Readiness for Underdeveloped Properties (POWER UP) program, a $300 million fund dedicated to proactively develop power-ready sites to meet the needs of advanced industries and new businesses.
Additionally, the package strengthens New York’s ongoing commitment to small business support, semiconductor and advanced manufacturing growth, and community-focused revitalization efforts.
SMALL BUSINESS SUPPORT
Recognizing the vital role small businesses play in the state’s economy, New York has expanded initiatives to improve access to capital and MWBE contracting opportunities. The legislation increases the pool of low-interest financing and technical assistance available to small businesses. It also strengthens the state’s Minority and Women-Owned Business Enterprise (MWBE) program by removing barriers to contract with state agencies. Additional measures are aimed at helping small businesses recover after natural disasters.
SEMICONDUCTOR & ADVANCED MANUFACTURING
Building on New York’s emergence as a semiconductor hub, the state continues its strategic investments to attract semiconductor and advanced manufacturing facilities. This includes updates to the state’s Excelsior Job Tax Credit Program, providing new benefits for large-scale semiconductor R&D investments of over $100 million, new semiconductor manufacturing workforce training program, and a 5-year extension of the Excelsior program.
ELECTRIC READINESS FOR UNDERUTILIZED PROPERTIES
The new POWER UP program allocates $300 million to upgrade electric infrastructure at underutilized sites across the state. An initial $100 million investment will kick-start development efforts aimed at transforming these properties into high-potential, power-ready business locations, supporting industries with intensive energy demands such as data centers, advanced manufacturing, and clean technology.
SHOVEL-READY SITES FOR MANUFACTURING
Through the FAST NY program, New York continues to invest in the creation of pre-permitted, infrastructure-enhanced shovel-ready sites. The program has dedicated $175 million since its inception in 2022 and remains a key driver for attracting large-scale industrial development and accelerating project timelines for investors.
PROMOTING ECONOMIC GROWTH
The legislation introduces an expanded focus on transformative, community-driven development across New York’s diverse regions. $350 million in total funding is allocated towards supporting Regional Economic Development Councils (REDCs), revitalization of downtowns through the Downtown Revitalization Initiative (DRI), and for support of rural and smaller communities.
FUELING THE CREATIVE ECONOMY
New York has reaffirmed its position as a global leader in media and entertainment by expanding its landmark film and television production tax credit with a new $100 million incentive for independent studios. The expanded program also includes a two-year extension and is expected to drive continued growth of the state’s traditional and new film and media production industry.
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For more details on the 2026 Enacted Budget, visit the official Governor’s press release here: Governor Hochul Signs New Legislation to Support Businesses, Create Jobs and Build the Economy of the Future