A third Westchester County college has joined Start-Up NY, a program that gives tax incentives to new businesses on school campuses across the state.
New York Medical College has designated 11,800 square feet of research space on its Valhalla campus, including its new biotechnology incubator called BioInc@NYMC, for the Empire State Development Corp. initiative. The biotech incubator will provide clients with access to lab equipment and workforce training suites while fostering collaboration between researchers, academics and entrepreneurs, according to a college press release.
“Through Start-Up NY, we are linking the talent base and experience of our faculty with the energy and innovative spirit of the private sector,” said Dr. Robert W. Amler, vice president for government affairs and dean of the School of Health Sciences and Practice.
BioInc@NYMC is a public-private enterprise, combining resources from the federal government, New York state, Westchester County and the college. The state provided a total of $7.9 million ”“ from Empire State Development and the Generating Employment Through New York State Science program. The project was designated as a top priority in 2011, 2012 and 2014 by Empire State Development”™s Mid-Hudson Regional Economic Development Council.
“Establishment of a tax-free zone on the campus of NYMC, amidst the biomedical research milieu of the college, will supply the critical support infrastructure that high-technology companies are seeking for their highly technical research,” said Alan Kadish, the president and CEO of the Touro College and University System, which includes NYMC.
Earlier this year, Iona College and The College of New Rochelle joined the Start-Up NY program. Those schools, in New Rochelle, are reviewing applications for businesses to be located on their campuses starting in 2015.
Start-Up NY was pushed by Gov. Andrew Cuomo and authorized by the state Legislature in 2013. It offers enterprise zones where businesses can operate without paying state taxes for 10 years while working in partnership with host schools on technology transfers and other commercial ventures. The companies”™ employees will pay no state personal income taxes for the first five years in the campus zone. For the second five years, workers will pay no state taxes on annual income up to $200,000 for individuals, $250,000 for a head of household and $300,000 for taxpayers filing a joint return.
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