A group of city and state legislators is out to woo the biotech industry away from the likes of Boston and San Diego by offering valuable tax breaks.”Why aren’t we already the biotech leader in this country?” asked Council Speaker Christine Quinn in announcing a push to attract – or expand – biotech companies to the five boroughs with $3 million in tax breaks a year. The proposed breaks would be similar to the current refundable business tax credits that have helped attract and expand film and television work in the city. Eligible firms could receive credits worth up to $250,000 a year, renewable for up to four years. The credits are aimed at budding firms with fewer than 110 employes. Quinn estimated 800 to 1,000 jobs could be created “with the first wave of credits.” She was joined at a City Hall press conference by several other Council members, state Sen. Tom Duane (D-Manhattan) and Assemblyman Mark Weprin (D-Queens). The two state legislators are sponsoring Albany bills authorizing the tax breaks. Backers of the move view the bioscience industry as a potential tax revenue source for the city, which they say is now too vulnerable to Wall Street’s booms… Read full this story
- New York City Tours - 7 Ways to Visit Famous NYC Film Locations
- Take a New York City Bus Tour
- Contemplating President Warren With 20,000 Other People in New York City
- New York Limos - Less Expensive Than You Think
- How to Find Cheap New York Auto Insurance Rates
- New York Limos - Not Just For Business Anymore
- Legal Nurse Consultant Jobs in New York - How Far Can Your Salary Go?
- Amazon Abandons HQ2 Campus in New York
- Different Team Building Activities in the Equally Diverse New York
- A Congestion Tax Will Not Save The Planet
Politicians urges tax breaks to lure biotech companies to New York City have 287 words, post on www.nydailynews.com at May 14, 2009. This is cached page on Europe Breaking News. If you want remove this page, please contact us.