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Does New York State offer a R&D Tax Credit for the Life Sciences industry sector? If so, please provide a qualitative and quantitative overview of the program.

Research & Experimentation Tax Credit
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Peter Scalise, SAX LLP
Yes, New York State offers a R&D Tax Credit Program (hereinafter the “Program”) for companies in the Life Sciences industry sector. While the Program does not mirror the Federal-Level R&D Tax Credit requirements, the Program is available to a new business entity that devotes the majority of its efforts to the various stages of research, development, technology transfer and commercialization related to the life sciences industry. Life sciences is specifically defined under this Program as agricultural biotechnology, biogenerics, bioinformatics, biomedical engineering, biopharmaceuticals, academic medical centers, biotechnology, chemical synthesis, chemistry technology, medical diagnostics, genomics, medical image analysis, marine biology, medical devices, medical nanotechnology, natural product pharmaceuticals proteomics, regenerative medicine, RNA interference, stem cell research, medical and neurological clinical trials, health robotics and veterinary science.

A taxpayer is entitled to this refundable credit if you or your business are a new business and has been certified by Economic Development as a qualified life sciences company and paid or incurred qualified research and development expenses in New York State, and received a certificate of tax credit issued by Empire State Development.

It should be duly noted that the credit is available for tax years beginning on or after January 1, 2018, but before January 1, 2028. The credit is equal to:
 15% of the qualified life sciences company’s research and development expenditures in New York State for a company that employs 10 or more persons.
 20% of the qualified life sciences company’s research and development expenditures in New York State for a company that employs fewer than 10 persons.
 The credit is allowed for up to three consecutive years and is limited to $500,000 per year.
 ESD will issue a certificate of tax credit showing the amount of tax credit allowed and the tax year the credit may be claimed.

Please contact me should you like to learn more about the scope and application of this program and thank you for your inquiry.
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