Posts Tagged ‘biotech tax credit’

Boosting Biotech in Upstate New York

 :: Posted by American Biotechnologist on 01-11-2011

SYRACUSE, N.Y.—January 11, 2011—During stops in Buffalo,
Rochester and Syracuse yesterday, U.S. Senator Kirsten Gillibrand
announced a new proposal to make the Research and Development Tax
Credit permanent—a move that would greatly boost jobs and business
growth for Upstate New York bioscience and medical technology
companies. According to Sen. Gillibrand, making the tax credit
permanent would increase private investments and provide stability
and certainty to innovative businesses and institutions. “This is
the kind of idea that can move us forward in creating a stronger
economy and creating the jobs that are so desperately needed,”
Gillibrand said. The senator’s proposal would: > Expand the
current credit by changing the formula to provide greater incentive
for companies to increase investment > Simplify the current
credit, which is highly complicated and confusing. > Make the
new credit permanent, which would provide private companies with
the confidence they need to make significant future investments in
R&D. “R&D is vital for the Bio/Med industry in Upstate New
York,” said Heather Erikson, president of MedTech and co-chair of
the State Medical Technology Alliance. “Supporting more competitive
incentives and investments in these areas, on both a state and
national level, will contribute to our industry’s ability to
develop major scientific and medical breakthroughs that fuel
business growth, create new employment opportunities, and promote
economic vitality.” The bioscience and medical technology industry
relies heavily on higher-paying, knowledge-based jobs. It is one of
the most stable industries in New York State paying employees an
average salary of $70,200 compared to the state’s overall average
wage of $60,400, according to the most recent data from the Empire
State Development Corporation. There are more than 200 Bio/Med
companies located in Upstate New York, 70% of which are
headquartered here. For more information about the Upstate Bio/Med
industry, visit ABOUT MEDTECH MedTech is an active
association of pharmaceutical, biotech, and medical technology
companies, their suppliers and service providers, and research
universities. We boost the growth and prosperity of our members by
connecting them for collaboration, offering educational programs,
sharing news and information, and advocating for the industry with
government and leaders. Our mission is to develop the
relationships, tools and programs that enable Upstate New York
companies to bring tomorrow’s medical solutions to the healthcare
marketplace. For more information, visit