Despite a tight credit market, biotech seems to be the go-to industry during this tough economic climate. The latest region to push for incentives to attract companies and expand its biotech hub is New York City. City council members, Senator Tom Duane (D-NY) and Assemblyman Mark Weprin (D-NY) are urging legislators to back a bill that would offer $3 million a year in tax breaks. "Why aren't we already the biotech leader in this country?" Council Speaker Christine Quinn asked in a press conference announcing the initiative yesterday.
Boston envy? Maybe. But supporters of the bill say the City is too dependent on Wall Street and resilient as it is, the bioscience industry could bring in much needed tax revenue and jobs. According to Quinn, the first wave of tax credits alone could bring in 800 to 1,000 jobs. The bill targets start-ups and mid-sized biotechs with less than 110 employees. Those biotechs would receive tax credits of up to $250,000 a year, for up to four years.
Of course, the biotech industry is happy about the news. "I really support this [effort] wholeheartedly, and I really thank you for doing this," said Dr. Sharon Mates, chair of New York BIO and CEO of Manhattan-based Intra-Cellular Therapies.
- check out our report on New York - Top 5 Regions Targeting Biotech, 2009
- here's the NY Daily News article