New York’s Latest Plan to be a Biotech Leader

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    New York is looking to catch up to California and Massachusetts in the biotech industry. Governor Andrew Cuomo announced a $650 million initiative to reach that goal. The state’s biggest problem is the lack of lab space-especially in New York City. The allocation of the funds involve: $250 million in tax incentives for new and existing biotech companies; $200 million in state grants for lab space; and $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.

    Companies will be eligible for $10 million in yearly tax credits in the state and startup biotechs would get a 15%-20% refundable tax credit on all R%D costs. Angel investors will get a credit equal to 25% of their investment-up to a maximum of $250,000 credit per investor. Other plans include a quarterly competition in which firms can compete for $25,000 in grant funding. The winners then compete for one of five $100,000 grand prizes at a yearly “Life Sciences Summit”. Paid internships are also being established to attract talent into the industry.

    To address the problem of lab space, the state will make more than 3.2 million square feet of space and 1,100 acres of developable land available, tax-free, at 45 colleges and universities statewide.New York’s Latest Plan to be a Biotech Leader New York is looking to catch up to California and Massachusetts in the biotech industry. Governor Andrew Cuomo announced a $650 million initiative to reach that goal. The state’s biggest problem is the lack of lab space-especially in New York City.

    The allocation of the funds involve: $250 million in tax incentives for new and existing biotech companies; $200 million in state grants for lab space; and $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. Companies will be eligible for $10 million in yearly tax credits in the state and startup biotechs would get a 15%-20% refundable tax credit on all R%D costs. Angel investors will get a credit equal to 25% of their investment-up to a maximum of $250,000 credit per investor.

    Other plans include a quarterly competition in which firms can compete for $25,000 in grant funding. The winners then compete for one of five $100,000 grand prizes at a yearly “Life Sciences Summit”. Paid internships are also being established to attract talent into the industry. To address the problem of lab space, the state will make more than 3.2 million square feet of space and 1,100 acres of developable land available, tax-free, at 45 colleges and universities statewide.

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