New York Governor Andrew Cuomo announced on Monday a $650 million initiative to support the development of biotech in the state of New York, where life science businesses have had trouble for years gaining a foothold despite a strong core of biomedical research work in New York City and beyond.
The plan involves three main components: $250 million in tax incentives for both new and existing biotechs; $200 million in state grants earmarked for laboratory space; and another $100 million to invest in early-stage life science companies that will be “matched” by at least $100 million in support from private sector partnerships.
Under the plan, New York life science companies will be eligible for $10 million in yearly tax credits, and startup biotechs would get a 15 percent refundable tax credit on all R&D costs. Small life sciences businesses could get as much as a 20 percent tax credit, and angel investors will get a credit equal to 25 percent of their investment, up to a max of $250,000 per investor.
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