NEWS AND ISSUES
Senator Duane, Assembly Member Weprin Announce Bill to Facilitate $3 Million New York City Biotech Tax Credit
May 14, 2009
NEW YORK, NY – New York State Senator Thomas K. Duane (D WFP, Manhattan) and State Assembly Member Mark Weprin joined New York City Council Speaker Christine Quinn to announce their introduction of legislation in Albany that will allow New York City to move forward with a $3 million biotech tax credit. The tax credit, announced by Speaker Quinn in her State of the City Address in February, will encourage small biotech companies to bring their jobs, innovation and new technology to New York City.
The tax credit proposed by Speaker Quinn is designed to work with New York State's Qualified Emerging Technologies Credit (QETC). Firms will be provided with a refundable credit for facilities, operations and training. The credit, which will be capped at $3 million per year, is limited to small firms engaged in research and development that meet New York State standards as qualified emerging technology companies.
Passage of Senator Duane and Assembly Member Weprin's legislation (S.4845/A.8131), is necessary because New York state law bars municipalities from adjusting any taxes beyond property taxes without a "home rule" message from the State Legislature.
Said Senator Duane: "The biotechnology tax credit is an effective economic development tool that will harness our unparalleled human intelligence and ingenuity and support the outstanding research and medical facilities that we already have here in New York City. And every time a biotechnology company comes to New York, we gain more than just jobs. We enhance our diverse and highly-educated workforce, we hone our reputation as a center for cutting-edge technology, and we reap the economic benefits of an industry on the rise. This is a win for New York."
