The NYC Biotechnology Credit is a tax credit for eligible companies in New York City. The tax credit is applied against the General Corporation Tax and Unincorporated Business Tax.

The maximum credit allowed per year is $250,000. It cannot reduce the annual tax below the minimum tax required by law.

If your application is approved, the Department of Finance will issue a certificate of eligibility. The tax credit is available for tax years beginning on or after January 1, 2023, to December 31, 2025.

It can be claimed for a maximum of three consecutive years.

Learn more about the NYC Biotechnology Tax Credit.

To be eligible, a company must have qualified expenses (to calculate the credit) and meet the following requirements:

  1. Engage in biotechnology
  2. Meet one or both of the following requirements:
    • The company must have a ratio of research and development funds to net sales that is equal to or exceeds the average ratio of all companies surveyed by the National Science Foundation
    • The primary products or services of such company must be classified as emerging technologies
  3. Employ 100 or fewer full-time employees, with at least 75% based in New York City
  4. Have a research and development to net sales ratio of at least 6%
  5. Have annual product sales not exceeding $10 million
  6. Have gross revenues of no more than $20 million in the preceding year (this includes the gross revenues of affiliates and related members)

You must apply no later than January 15 following the calendar year of the credit. If the due date falls on a weekend or a national holiday, the deadline will be the next business day.

The deadline for 2023 was January 16, 2024.

Before you can file an application online, you must register a business tax return using e-Services.

Register or log into an e-Services account.

Once you have registered, you will be able to log in.

From your account panel:

  1. Click "More Requests"
  2. Then select "Biotechnology Credit Application" within the Business Credit Applications section.

By Phone

Call 311 or 212-NEW-YORK (212-639-9675) for help.

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