Regional Funding and Incentives
New York City and New York State are more committed than ever to developing the region’s life science and technology industries. Learn more about the incentives and venture funding opportunities available to BioBAT tenants.
STARTUP NY – BioBAT is located in a STARTUP NY tax-free zone. Tenants have the opportunity to operate free of state business, property and sales tax for 10 years. Their employees can pay no state or local income taxes for up to 10 years. Learn more about STARTUP NY here.
City and State Initiatives
New York City and State have increased their commitment to research, with over $1 billion allocated to the life sciences in 2017. There’s never been a better time for life science firms to establish themselves in New York City.
LifeSci NYC – The New York City Economic Development Corporation’s LifeSci NYC program is bolstering private life science enterprises. The program has committed $20 million to supporting early-stage life science businesses, and nearly $4 million to expanding training programs for entrepreneurs, including entrepreneurship coaching program, ELabNYC. Find out more here.
SBIR Impact – Bio & Health Tech NYC – A competitive Small Business Innovation Research (SBIR) and (Small Business Technology Transfer) for life sciences and healthcare technology companies, with over $2.6 billion available in federal R&D funding. Find out more here.
Relocation and Employment Assistance Program (REAP) – A refundable tax credit of up to $3,000 per employee for 12 years for commercial and industrial businesses relocating to designated areas in NYC, including the Brooklyn Army Terminal. Find out more here.
Industrial Business Zone (IBZ) Relocation Tax Credit – A one-time tax credit of $1,000/relocated employee (up to $100,000) for manufacturing firms moving to one of the city’s IBZ’s, including Sunset Park. Find out more here.
NYC Biotechnology Credit – A refundable 3 year tax credit of up to $250,000/year for research, development, and training expenses for emerging biotechnology companies. Find out more here.
Excelsior Jobs Program – The Empire State Development Corporation’s Excelsior Jobs Program offers tax credits to firms in vital growth industries, including biotechnology, manufacturing, green and clean technology, and the high tech sector. These tax credits offset payroll costs, investments, research, and property taxes to support job creation and investment. Find out more here.
Federal Industrial Development Bond Cap – Tax-exempt bond financing for private projects that serve a public purpose. New York state is dedicating a portion of its statewide bond allocation to supporting private projects, including small manufacturing firms. Find out more about the Industrial Development Bond Cap and other ESDC programs here.
Mid Atlantic Bio Angels (MABA) – An angel investor group with an exclusive focus on new and emerging life science companies. Mid Atlantic Bio Angels also hosts 1st Pitch Life Science, a series of pitching practice and coaching events for life science entrepreneurs. Find out more about Mid Atlantic Bio Angels here.