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.
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