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.