NY Budget Proposes New Genomic Medicine Network, STEM Scholarship

The FY15 budget proposal outlined last week by Gov. Andrew Cuomo would provide funding to continue many of New York’s innovation-focused efforts while investing in new initiatives, including a genomic medicine network and STEM scholarship program.

First announced in his State of the State address, the NY Genomic Medicine Network is a proposed partnership between the New York Genome Center and the University at Buffalo’s (UB) Center for Computational Research to accelerate advances in genomic medicine and develop the burgeoning industry in the state. The budget provides $55.75 million for the New York Genome Center and authorizes $50 million of the Buffalo Billion initiative for UB’s Center for Computational Research. With the investment, the state hopes to attract and grow companies on the Buffalo Niagara Medical Campus, including those with a focus on diagnostics and information technology. Companies would benefit from the research and supercomputing resources provided by UB, according to a press release.

The initiative is modeled after the nanotechnology initiative created in Albany, a $1.5 billion public-private investment to create a major hub of nanotechnology led by industry in partnership with the SUNY College of Nanoscale Science and Engineering and the SUNY Institute of Technology. The governor’s budget would provide $180 million in new funding to support the purchase of new equipment for a project at Nano Utica. For the previously mentioned Buffalo Billion initiative, an effort to revitalize Buffalo’s regional economy, the budget would provide $680 million in new capital appropriations.

Other long-term and ongoing commitments outlined in the budget include:

• $150 million in fourth-round funding for the Regional Economic Development Councils with another $70 million in state tax credits set aside from the Excelsior Jobs tax credit program to fund regional priority projects;
• $110 million to expand and launch another round of NYSUNY 2020 and NYCUNY 2020 challenge grants with priority given to plans that leverage public-private partnerships through the START-UP NY program and better connect students to the workforce;
• $31 million to support ongoing university-based matching grants and other high-tech and R&D programs administered by the Department of Economic Development’s Division of Science, Technology and Innovation (previously NYSTAR); and,
• $3.75 million in new funding to continue the Innovation Hot Spots and Incubators program.

New this year is the creation of a STEM scholarship program providing full tuition to students pursuing degrees in these high-demand fields and who agree to work in New York for five years. The scholarships would be offered to the top 10 percent of high school graduates for attending a SUNY or CUNY college or university. Gov. Cuomo is requesting $8 million in FY15 funding for the program.

As part of the governor’s tax reform plan, the corporate income tax rate for upstate manufacturers would be reduced to zero.

The FY15 budget documents are available at: http://publications.budget.ny.gov/eBudget1415/ExecutiveBudget.html.