New York recently began accepting applications for the New York Life Sciences Research and Development Tax Credit Program which is designed to support new life sciences businesses locating, inventing, commercializing and producing in New York State.
The credit was enacted as part of New York’s Fiscal Year 2018 budget and is applicable for tax years after Jan. 1, 2018. The fully refundable credit equals 20 percent of qualified expenses for a company with fewer than 10 employees, and 15 percent for a company that employs 10 or more. This program allows both taxable and non-taxable companies to monetize research and development credits in order to support research, growth and operations by allowing these benefits to be refunded as cash.