ANNOUNCEMENT 24 Jan 2018
The program offers a refundable credit for qualified companies so as to encourage life sciences businesses to locate, invent, commercialize, and produce in New York.
NUMBER OF INTERVENTIONS
On January 24, 2018, the New York Department of Economic Development adopted the Life Sciences Research and Development Tax Credit Program, offering a refundable credit for qualified companies so as to encourage life sciences businesses to locate, invent, commercialize, and produce in New York. Qualified companies may be eligible to receive a fully refundable credit based on qualified research and development expenditures incurred within the state of New York, capped at $500,000 per year per taxpayer and allowed for up to three consecutive years. The credit is available for tax years beginning on or after January 1, 2018, but before January 1, 2028. Program credits of $10 million per year can be allocated and used to encourage new businesses to conduct their research and development in the State.