The New York Biotechnology Tax Credit Application is an incentive program designed to encourage research and development in the biotechnology sector in New York State. This program offers a refundable tax credit of up to 30 percent of qualified research and development expenses for qualified biotechnology companies. The program is administered by the New York State Department of Taxation & Finance. The types of New York Biotechnology Tax Credit Application include: the credit for research and development, the credit for capital investments, and the credit for hiring qualified employees. The credit for research and development is limited to the amount of qualified expenses incurred during a taxable year, up to a maximum of $5 million. The credit for capital investments is designed to encourage investments in biotechnology research and development by providing a credit of 10 percent of the amount of capital investments made in qualified biotechnology projects. The credit for hiring qualified employees is designed to encourage biotechnology companies to hire qualified employees who will perform research and development activities. This credit is equal to 10 percent of the amount paid to qualified employees.
The New York Biotechnology Tax Credit Application is an incentive program designed to encourage research and development in the biotechnology sector in New York State. This program offers a refundable tax credit of up to 30 percent of qualified research and development expenses for qualified biotechnology companies. The program is administered by the New York State Department of Taxation & Finance. The types of New York Biotechnology Tax Credit Application include: the credit for research and development, the credit for capital investments, and the credit for hiring qualified employees. The credit for research and development is limited to the amount of qualified expenses incurred during a taxable year, up to a maximum of $5 million. The credit for capital investments is designed to encourage investments in biotechnology research and development by providing a credit of 10 percent of the amount of capital investments made in qualified biotechnology projects. The credit for hiring qualified employees is designed to encourage biotechnology companies to hire qualified employees who will perform research and development activities. This credit is equal to 10 percent of the amount paid to qualified employees.
