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New York Investing $550 Million in Life Sciences Through 10-year Initiative
Gov. Andrew Cuomo proposed a new initiative this week to grow the life science research cluster throughout the state, pledging $550 million through a variety of programs including tax incentives, state capital grants, and investment capital with an expected match of $100 million from private sector partnerships for operating support.
The life science initiative includes $250 million in tax incentives for new and existing life sciences companies that are expanding research and development. Under this program:
- Existing life science businesses would be eligible for an annual allocation of $10 million in Excelsior tax credits;
- New life science businesses would receive a 15 percent refundable tax credit on all new qualifying research and development expenditures. Small businesses in the life sciences industry could be eligible for a 20 percent credit; and,
- Angel investors would receive a credit of 25 percent of their investment, with a maximum of $250,000 per investor.
Another $200 million in state capital grants will be invested over 10 years to support the capital needs of life science entities, and innovation space and developable land will be available tax free at 45 colleges and universities statewide.
The state is also pledging $100 million for additional investment capital for early stage life science firms, while private sector partnerships are pledging matching funds for investment and operational support. Part of this investment will include a new life science launch competition where firms would compete for $25,000 in grant funding with quarterly winners then competing for one of five $100,000 top business launch prizes.
Gov. Cuomo also announced other efforts to attract life sciences talent and management base in the state, including a life sciences internship program and researcher recruitment program. The new initiative will be guided by a new Life Sciences Advisory Board whose membership will be announced with the governor’s 2017 State of the State address.
New York