Governor Kathy Hochul announced transformative investments to support New York’s business community and boost the state economy as part of the historic FY 2024 Budget. The Budget raises the New York State Film Tax Credit annual cap to $700 million, establishes the new Technology Innovation Matching Grant Program, and revives the New York City Biotech Tax Credit, among other measures, to drive economic growth across New York State and create good jobs.
The FY 2024 Budget includes provisions to expand and enhance the New York Film Tax Credit — one of the most stable film production incentive programs in the nation. The FY 2024 Budget adds $6 million for a Technology Innovation Matching Grant Program, which will provide application support and technical assistance to New York companies applying for the SBIR/STTR programs — known as “America’s Seed Fund” — that incentivize small businesses to engage in research and development with the potential for commercialization.
The FY 2024 Budget advances legislation to revive a tax credit for emerging biotechnology companies based in New York City to help the city and New York State continue to lead in the fields of biotechnology and life sciences. The legislation authorizes New York City to offer this tax credit for another three years. (For full story visit www.thesouthasiantimes.info)