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.
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