Specifically, the Governor’s life science initiative includes:

Providing $250 Million in Tax Incentives for New and Existing Life Sciences Companies that are Expanding Research and Development
To better compete with other states actively poaching New York’s top life science research talent, the state must draw more capital to this sector from early stage and angel investors, as well as make it more attractive for existing and new firms in life sciences to locate, invent, commercialize and produce here in New York.
Under the Governor’s program:

· Existing life science businesses would be eligible for an annual allocation of $10 million in Excelsior tax credits;

· New life science businesses would receive a 15 percent refundable tax credit on all new qualifying research and development expenditures. Small businesses in the life sciences industry could be eligible for a 20 percent credit.

· Angel investors would receive a credit of 25 percent of their investment, with a maximum of $250,000 per investor.


Providing $200 Million in State Capital Grants and Offering More Than 3.2 Million Square Feet of Space and 1,100 acres of Developable Land Tax Free to Accelerate Life Science Innovation
Innovation in the life sciences requires state-of-the-art laboratory space, equipment and technology. The Governor’s initiative invests $200 million, over ten years, to support the capital needs of life science entities, positioning New York’s wet labs and innovation space to be the place where future technologies are born.

Additionally, the lack of affordable and appropriate lab space has been cited as a barrier to New York reaching its potential in the life sciences. To remedy this, the state will also make more than 3.2 million square feet of innovation space and 1,100 acres of developable land available tax free at 45 colleges and universities statewide. The availability of grants, land and space creates an unprecedented opportunity to expand access to wet labs, infrastructure and other equipment essential for life sciences research, innovation and development.

Governor Cuomo will announce new public-private sector partnerships resulting from this effort during the 2017 State of the State Address.

Providing $100 Million in Investment Capital for Early Stage Life Sciences Initiatives, Matched by at least $100 Million from the Private Sector

As part of New York’s commitment to the growth of this sector, the state is pledging $100 million for additional investment capital for early stage life science firms. In addition, private sector partnerships are also pledging matching funds for investment and operational support, bringing the total commitment to $200 million.

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