“The next bill before me today is Introductory Number 926-A, sponsored by Council Members Lappin, Garodnick, Brewer, Fidler, James, Koo, Lander, Recchia, Rodriguez, Arroyo, Van Bramer, Jackson, Reyna, Barron, Gennaro, Greenfield, Williams, Halloran and Ulrich.  Introductory Number 926-A extends the biotechnology tax credit which sunsets on December 31, 2012 until December 31, 2015.

“Biotechnology is a form of technology involving the scientific manipulation of living organisms to produce products conducive to improving the lives and health of plants, animals and humans.  The biotechnology tax credit provides 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 biotechnology tax credit is a major 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 Department of Finance Commissioner David Frankel and his staff for their work on this bill along with my Office of City Legislative Affairs.  I would also like to thank the City Council for approving this legislation.”