Global Life Sciences Cluster Report 2011 - Jones Lang LaSalle

New York / New Jersey
Fiscal & political resources
New York and New Jersey have worked aggressively to retain
and lure large biotechnology and life sciences industry leaders
to the area.
New Jersey
■ The Edison Innovation Centers of Excellence Federal
Matching Program: Seeks to build research excellence at
New Jersey’s universities and research institutions to benefit
the technology economy. Funds will be provided to match
federal grants for research centers of excellence in the
state’s priority technology areas.
■ The Technology Business Tax Certificate Transfer Program:
Enables approved, unprofitable technology and biotechnology
businesses to sell their unused Net Operating Loss
Carryover (NOL) and unused Research and Development
Tax Credits (R&D Tax Credits) to unaffiliated, profitable
corporate taxpayers in the State of New Jersey for at least
80 percent of the value of the tax benefits.
New York
■ New York State Qualified Emerging Technology Company
Credit (QETC): Provides early-stage technology companies,
including biotechnology, with a capital infusion of up to
$1 million.
■ Empire Zone Program: Provides New York State tax
credits and tax exemptions to manufacturing and biotech
companies located in an Empire Zone. Recipients must
have growing employment and invest in real estate and
equipment. New York City’s primary biotech real estate,
the East River Science Park (ERSP) and the Brooklyn
Army Terminal (BAT), are located within the Empire Zones.
28 Americas | Jones Lang LaSalle
■ New York City Biotech Tax Credit: Helps small biotech
companies to accelerate commercialization by providing a
refundable tax credit for facilities, operations, and training.
■ Hudson Valley Economic Development Corporation
& Westchester County Economic Development’s NY
BioHud Valley Campaign: Encourage investment and
development in pharmaceutical and biotechnology projects
since their inception in 2010. Recent efforts to expand
and enhance Westchester’s life sciences market range
from intellectual development endeavors to leasing activity
and construction projects.
Outlook
The immediate future for the life sciences industry is bright in
the New York/New Jersey area with only a handful of tenants’
leases expiring within the next couple of years. Many of the
large pharmaceutical companies that have been looking for
new addresses will remain in the local area. With the majority
of the consolidations now passed, and the economy slowly
growing, some companies should begin to add jobs into 2013.
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