A Local Law to amend the administrative code of the city of New York, in relation to a biotechnology credit against the general corporation tax, the unincorporated business tax, and the corporate tax of 2015.

Summary

This bill would renew lapsed tax credits against the General Corporation Tax, the Unincorporated Business Tax, and the Corporate Tax of 2015 for New York City-based companies engaged in biotechnology. The credit shall be allowed for the taxable years beginning on or after January 1, 2023 and before January 1, 2026. The aggregate amount of credit allowable shall not exceed $3,000,000 in a given year. The department of finance shall determine how to allocate the aggregate amount of credit among eligible taxpayers by rule.

Official summary of legislation · NYC Council