New York is extending its program of tax incentives to stimulate job growth in the private sector for two more years, continuing the Excelsior program through 2026.

The amendment to the Excelsior jobs program was approved as part of the state budget for the fiscal year that began this month. It authorizes allocating tax credits that remain unawarded at the end of 2024 over the following two years.

The Cuomo administration originally proposed a five-year extension for the economic-development program.

Empire State Development reported at the end of last year that 389 businesses have been enrolled and $624 million in tax credits committed.

They reported employing 127,776 New Yorkers and promising to make $3.7 billion in capital investments, spend $2.4 billion on research and development and create 39,695 jobs.

(AP)