UPDATE for Life Sciences Companies from Empire State Development (ESD) | Center for Biotechnology – Stony Brook University

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UPDATE for Life Sciences Companies from Empire State Development (ESD)

January 23, 2018

Objective
The Life Sciences Research and Development Tax Credit Program is designed to support new life sciences businesses locating, inventing, commercializing and producing in New York State.

Overview
Program Highlights
Program credits of $10 million per year can be allocated and used to encourage new businesses to conduct their research and development in the State.

Qualified life sciences companies may be eligible to receive a fully refundable credit based on qualified research and development expenditures incurred in New York State (NYS). The credit is 15 percent for a company that employs 10 or more persons and 20 percent for a company that employs 10 or less.

The credit is allowed for up to three consecutive years beginning with the first taxable year on or after January 1, 2018 during which the qualified life sciences company meets the eligibility criteria. The credit is capped at $500,000 per year for a lifetime cap of $1.5 million.

Eligibility
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 any life sciences field.

Life sciences means 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.

Research and development expenditures are defined as qualified research expenses of the federal research and development tax credit [Section 41(b) of the internal revenue code] incurred in New York State on or after January 1, 2018. Qualified expenditures do not include contract research expenses.

A qualified life sciences company must be a new business.

Application materials are now posted: https://esd.ny.gov/life-sciences-tax-credit-program

https://esd.ny.gov/industries/biotech-and-life-sciences

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Applications are now open for the 12th BioREACH Award Program from the Center for Biotechnology, which provides $50,000 in translational research funding for Stony Brook faculty and postdoctoral researchers to generate the evidence needed to advance promising innovations to the next stage of development.



BioREACH funds milestone-driven studies and welcomes biomedical innovations as well as platforms, tools, computational technologies, and other enabling technologies with the potential to contribute to solutions addressing unmet needs in health.



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For info sessions, eligibility and deadlines visit our REACH Website and FAQ.



The Center for Biotechnology (CfB) has helped advance some of Stony Brook University’s most impactful biomedical innovations, among them the yeast two-hybrid system, Xiaflex®, ReoPro®, Oracea®, and 3D virtual colonoscopy. The CfB has supported more than 475 faculty-led translational research projects and contributed to 306 license agreements generating $51 million in royalty returns to the University.



Questions? Reach out to our program contacts or sign up for office hours:



Dee Dao, PhD, Associate Director, dee.dao@stonybrook.edu
Office Hours: Monday–Friday, 2–3:30 PM | Sign up Here



Zelda Mendelowitz, PhD, Venture Associate, zelda.mendelowitz@stonybrook.edu
Office Hours: Tuesday, Wednesday, Friday, 8–11 AM | Sign up Here









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Our partners at BBC Entrepreneurial Training and Consulting are hosting a three-part proposal development workshop starting May 13th. If your company is targeting the September submission deadline, it's best to start the proposal development process now!



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Applications are now open for the 12th BioREACH Award Program from the Center for Biotechnology, which provides $50,000 in translational research funding for Stony Brook faculty and postdoctoral researchers to generate the evidence needed to advance promising innovations to the next stage of development.



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Questions? Reach out to our program contacts or sign up for office hours:



Dee Dao, PhD, Associate Director, dee.dao@stonybrook.edu
Office Hours: Monday–Friday, 2–3:30 PM | Sign up Here



Zelda Mendelowitz, PhD, Venture Associate, zelda.mendelowitz@stonybrook.edu
Office Hours: Tuesday, Wednesday, Friday, 8–11 AM | Sign up Here









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