New York City Council Restores Tax Credit for Emerging Biotech

The New York City Council voted Wednesday to revive a tax credit for emerging biotechnology companies, amid concerns that businesses are leaving the state for the incentives and physical space that New Jersey offers.

The council approved legislation, Intro. 1070-A, to renew lapsed tax credits against the general corporation tax, the unincorporated business tax, and the corporate tax of 2015 for city-based companies engaged in biotechnology. The credit is capped at $3 million annually and will be allowed for tax years beginning January 2023 to January 2026. The city Department of Finance will undertake a rulemaking process to determine ...