New York, New York (November 15, 2023) – Today, the New York City Council enacted Intro 1070, amending Administrative Code §§ 11-503(o)(a)(8); 11-604(21)(a)(8); 11-654(21)(a)(8), Local Law 67/2009 § 3, to reinstate the biotech tax credit. The bill will reinstate the biotechnology tax credit, which lapsed in 2019, through 2025.  The credit, reauthorized by New York State, enables investors and owners of qualified emerging technology companies (QETCs) focused on biotechnology to claim a tax credit, enabling the manufacturing of emerging technology to flourish in New York City.

The reinstated credit can be used for equipment acquisition, qualified research expenses, and specific employee training expenses. For eligible entities, the credit can reach a maximum of $250,000 for new or expanding firms in New York City, with the Department of Finance (DOF) capping annual credits at $3 million. To qualify, companies must align with specific criteria, including having no more than 100 full-time employees, with at least 75 percent based in New York City. The company’s annual product sales should not exceed $10 million, and it must meet stringent criteria regarding research and development funding, net sales, and gross revenues.

By encouraging research and development in emerging technologies, the City Council is taking critical steps to attract investment, stimulate job creation, and position New York City as a hub for technological advancement. The passage of this bill will support businesses engaged in biotechnology and foster the growth of our manufacturing zones.

Council Member Jennifer Gutiérrez, who chairs the City Council’s Committee on Technology, and represents one of the largest Industrial Business Zones in the city, is committed to supporting the biotechnology sector and fostering an environment conducive to technological innovation.