The Biotechnology Credit is applied against the General Corporation Tax and Unincorporated Business Tax for qualified companies in the biotechnology field in New York City.

Companies must meet eligibility requirements and have qualified expenses which are used to calculate the credit. The maximum credit allowed per year is $250,000 and cannot reduce the annual tax below the minimum tax required by law.

The tax period begins on January 1, 2010, and ends on December 31, 2018. You must submit an application no later than the January 15 immediately following the calendar year of the credit. The last day to file for 2018 was January 15, 2019. If the application is approved, the Department of Finance will issue a certificate of eligibility.

Learn more about the Biotechnology Tax Credit.

To be eligible for the biotechnology credit, your company must be engaged in biotechnologies and:

  • Be an emerging technology company or a company with a ratio of research and development funds to net sales that equals or exceeds the average ratio for all companies surveyed by the National Science Foundation.
  • Have no more than 100 full-time employees, with at least 75% employed in New York City.
  • Have a ratio of research and development funds to net sales that equals or exceeds 6% for the calendar year ending in the tax year for which the credit is claimed.
  • Have annual product sales of $10 million or less.
  • Have gross revenues (including affiliates and related members) not exceeding $20 million for the calendar year immediately preceding the tax year for which the credit is claimed.

Qualified expenses, incurred for the tax year for when the credit is claimed, include:

  • Purchase of research and development property.
  • Research expenses paid or incurred.
  • High technology employee training expenditures.
  • Relocation credit for relocating from an academic business incubator facility, partnered with an accredited post-secondary education institution located in the City, to another City site.

You can get the application for the Biotechnology Tax Credit for investors and owners of qualified companies working in the biotechnology field in New York City.

Online

Download the Biotechnology Tax Credit application.

By Mail

Call 311 to request a paper copy.

By Phone

Call 311 for assistance.