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Preferential tax treatment provided to investors only if they invest in NYC

According to a July 1, 2013 letter by NYS Senator Martin Golden, it appears that new legislation was recently approved inducing greater investment in biotech and biomedical companies in NYC by tax credits for angel investors.

The letter further indicates that there was dissent because the legislation was NYC only and not statewide.

It is not clear why preferential tax treatment is going to be provided to investors only if they invest in NYC while local investments in spin-offs from Buffalo’s biotechnology and life sciences industries, driven by the Buffalo Medical Campus and Roswell Park Cancer Institute, are not eligible.

Given all the momentum in Buffalo and the need to develop a local biomedical startup scene, a closer look at the background on the legislation and a call for Buffalo and the rest of NY State to be eligible for tax credits is necessary.

You can find the letter here: http://www.scribd.com/doc/153147585/Startup-NY-Proposal

-GP

Written by BRO Reader Submission

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