COUNCIL MEMBER GUTIÉRREZ INTRODUCES BILL TO REINSTATE BIOTECHNOLOGY TAX CREDIT
New York (June 9, 2023) – Today, Council Member Jennifer Gutiérrez announced the introduction of legislation to reignite the growth of the biotechnology sector and foster innovation in New York City. The bill would reinstate the biotechnology tax credit that lapsed in 2019, reauthorized by New York State, that would enable investors and owners of qualified emerging technology companies (QETCs) focused on biotechnology to claim a tax credit, thereby encouraging the manufacturing of emerging technology to flourish within the city.
Under the provisions of this bill, eligible companies must have an annual revenue of under $10 million and ensure that at least 75% of their workforce is based in New York City. By targeting companies that meet these criteria, the bill seeks to bolster local employment and nurture the city’s talent pool in the biotechnology manufacturing sector.
The proposed tax credit will provide substantial benefits to QETCs, with a maximum credit limit of $250,000 per year. This credit can be utilized for various purposes, including investment in facilities, streamlining operations, and enhancing employee training. By offering financial incentives, the bill seeks to incentivize QETCs to channel their resources into technological advancements and talent development, ultimately bolstering the city’s economic growth and global competitiveness.
Council Member Gutiérrez, who chairs the City Council’s Committee on Technology, has emphasized the significance of supporting the biotechnology sector and fostering an environment conducive to technological innovation.
“The reinstatement of the biotechnology tax credit is a crucial step towards positioning New York City as a leading hub for biotech innovation,” said Council Member Jennifer Gutiérrez “By encouraging investment and providing incentives to qualified emerging technology companies, we aim to drive the growth of this vital manufacturing sector, create new job opportunities for those that have been left out of this workforce, and establish New York City as a frontrunner in biotechnology.”