Number 7: New York
The following is a list of special incentives enacted
by the New York legislature and adopted by individual business
communities:
- 9% R&D tax credit and exempts R&D purchases
from sales tax.
- Investment tax credits.
- Job credits and enterprise zone credits.
- 3-year carryback and 15-year carryforward for net
operating losses.
- 4 centers that foster collaborations between industrial
and scientific investigators and help find venture
capital.
- 2 biotechnology Centers for Advanced Technology (CATs)
at Cornell and SUNY Stony Brook co-fund biotechnology
projects for New York firms.
- Empire State Development Corporation assists companies
with export and trade partnering.
- SUNY Stonybrook has the Long Island High Technology
Incubator offering contract biomanufacturing services,
along with lab space for start-up companies.
- Several incubators.
- Investment fund for high tech companies.
- Negotiation of property tax abatements with companies
locating or expanding in the state.
- Incentives for locating in enterprise zones, including
utility rate reductions, wage and tax credits, and
investment tax credits.
Local Programs
New York City
- NYC Biotechnology Initiative has the Advanced Technology
fund with $60 million in venture capital for beginning
and middle-stage companies. NYC also allotted $10 million
for seed capital and a $30 million loan fund for emerging
technology companies. Offers loans up to $250,000 with
interest between 3% and 5%. Also provides real estate
and technical assistance.
- Audobon Biomedical Science and Technology Park established
by NYC DED, NYS Urban Development Corporation, and
Columbia University rents lab space at subsidized rates
and leasers have access to Columbia's library, databases,
and other scientific equipment.
Business Facilities Magazine (Oct. 1999)
ranked states with thriving biotechnology industries.
The rankings were based on the following factors:
1. The total biotechnology employment
in 1999.
2. The numeric change in the number of jobs added between
1990-1997.
3. The total biotechnology establishments in 1997.
4. The numeric change in the number of biotechnology establishments from 1990-1997.
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