FOR IMMEDIATE RELEASE
October 7, 2009
MAYOR BLOOMBERG SIGNS LEGISLATION CREATING A TAX CREDIT FOR BIOTECHNOLOGY BUSINESSES
Remarks by Mayor Bloomberg at a Public Hearing on Local Laws
"The next bill before me today is Introductory Number 1065, sponsored by Speaker Quinn and Council Members Lappin, Garodnick, Brewer, Comrie, Fidler, Gentile, Gerson, James, Stewart, Weprin, Nelson, Dilan, Gennaro, Jackson and Sears. Introductory Number 1065 provides a refundable credit against the City's General Corporation Tax and Unincorporated Business Income Tax for City businesses that focus primarily on biotechnology.
"This bio tech tax credit will provide qualifying firms with a refundable credit, for three types of expenses: acquisition of research and development property, employee training, and other research and development expenses.
"The bio tech tax credit is a major new facet of our Administration's Five-Borough Economic Opportunity Plan; not only will this credit foster the growth of biotechnology as a major industry in New York City, it will create the kinds of high-paying jobs critical to our City's continued economic growth.
"I would like to thank Council Speaker Christine Quinn for her leadership in getting the State-authorizing tax credit legislation passed in Albany. I would also like to thank Finance Commissioner David Frankel and his staff for working with the Council and the Law Department to draft this bill. I would also like to thank the City Council for approving this piece of legislation."
Stu Loeser/Evelyn Erskine (212) 788-2958
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