Bill to Bolster New York City’s Life Sciences Sector

New York City Mayor Eric Adams today signed legislation that will further bolster New York City’s life sciences and biotech sectors by offering a tax incentive for growing biotech companies to create jobs in New York City. The new law builds on significant progress the Adams administration has made to create and attract accessible jobs in life sciences and delivers on a key recommendation to invest in the sector from Mayor Adams and New York Governor Kathy Hochul’s “New’ New York: Making New York Work for Everyone” plan.

“Employing more than 20,000 New Yorkers and counting, biotech and life sciences are critical to the success of working people in New York City,” said Mayor Adams. “Our city continues to drive innovation, and with this legislation, we are expanding research, discovery, startups, and more to tap into our city’s talented workforce. I am proud to sign this important legislation that will make the smart investments that pave the way for new scientific breakthroughs and deliver real economic mobility for diverse New Yorkers and their families.”

Intro. 1070 – A— sponsored by New York City Councilmembers Jennifer Gutiérrez and James F. Gennaro — creates a tax credit for biotech companies with a capped annual benefit of $3 million to target-growing startups. This bill would renew lapsed tax credits against the General Corporation Tax, the Unincorporated Business Tax, and the Corporate Tax of 2015 and be allowed between January 1, 2023 and January 1, 2026.

The New York City metro area is the country’s leading regional life sciences hub, with nearly 150,000 jobs and 5,100 businesses, generating over $23 billion in wages last year. Last month, Mayor Adams and Governor Hochul unveiled the Science Park and Research Campus (SPARC) Kips Bay Master Plan for this first-of-its-kind life sciences career and education hub that will anchor the city’s industry. New York City was also recently selected by the Chan Zuckerberg Initiative to be the home of a new biomedical research hub in New York City that will leverage a nearly $300 million public-private investment to drive collaboration between leading research institutions and solve significant scientific challenges.

Through the EDC’s LifeSci NYC — a $1 billion initiative — the City of New York is on track to create 1,000 companies and 40,000 jobs, unlock 10 million square feet of wet- and dry-lab real estate, and generate billions of dollars in economic impact over the next 15 years. Since taking office, Mayor Adams has invested $27 million for new life sciences facilities for the City College of New York and Mount Sinai Health System, a new center for sustainability-focused biotech at the Brooklyn Navy Yard, and supported the opening of Rensselaer Polytechnic Institute and the Icahn School of Medicine at Mount Sinai’s Center for Engineering and Precision Medicine on Manhattan’s West Side.

About NYCEDC 
New York City Economic Development Corporation is a mission-driven, nonprofit organization that works for a vibrant, inclusive, and globally competitive economy for all New Yorkers. We take a comprehensive approach, through four main strategies: strengthen confidence in NYC as a great place to do business; grow innovative sectors with a focus on equity; build neighborhoods as places to live, learn, work, and play; and deliver sustainable infrastructure for communities and the city’s future economy. To learn more about what we do, visit us on Facebook, Twitter, LinkedIn, and Instagram.