New York’s universities and medical institutions, many of which can be found on the West Side, could get a boost if biotech companies can be lured into the city and state with a new tax credit.
Gov. David Paterson signed a bill allowing the city to establish a $3 million tax credit each year for small biotechnological companies. If a company expands its workforce by 5 percent, it can receive a $250,000 tax break.
“We have some excellent healthcare facilities that I think will also help to attract the biotech industry,” said State Sen. Tom Duane, the bill’s sponsor. “This will make us competitive with states like Massachusetts and California that have been doing this sort of thing.”
With state approval, East Side Council Member Jessica Lappin sponsored the tax credit in the Council, which passed the bill. She said the tax credit will be an incentive for the city’s medical professionals to stay in New York and develop new biotechnological companies.
“The economy has been overly reliant on Wall Street,” Lappin said. “The goal with this legislation is to diversify the economy. We have the best and brightest medical research professionals. We want to keep them in our city.”
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