NYC Biotechnology Tax Credit

About the Credit

This New York City Biotechnology Credit is designed to incentivize and support the growth of qualified emerging technology companies (QETCs) focused on biotechnology. Eligible businesses can receive a credit to be used against their New York City business income tax or receive a refund check up to a maximum of $250,000 depending on the business's overall tax situation. The credit is intended to reduce their overall tax burden and encourage investment in research and development within the biotechnology field. 

Eligibility

In order to claim the credit your business must meet the follow requirements:

  • Less than 100 full-time employees, with at least 75% based in New York City
  • A research and development to net sales ratio of at least 6%
  • Annual product sales less than $10 million and a gross revenue of less than $20 million in the preceding year
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The tax credit is valid for taxable years from January 1, 2023, to December 31, 2025 and can be claimed for a maximum of three consecutive tax years.

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