Gov. David Paterson on Wednesday announced the launch of the Excelsior Jobs Program, the successor to the state's Empire Zone program.
The $550 million Empire Zone program expired June 30. The program had been criticized in recent years as wasteful by awarding benefits to companies that didn't create the number of jobs promised.
The new program provides job creation and investment incentives to firms focused on targeted activities, such as biotechnology, pharmaceuticals, high-tech, green technology, financial services, agriculture, and manufacturing.