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Plan Builds on "J2K" Model for Growing New Industry and Employment
Thursday, December 14, 2000
Senate Majority Leader Joseph L. Bruno and members of the state Senate Majority today unveiled a bold and comprehensive new plan to use $500 million in government and private investment to lure new life science industries to the state and make New York a leader in creating biotechnology jobs.
The plan -- dubbed Generating Employment Through New York Science, or GEN*NY*SIS -- builds on Governor Pataki's leadership in encouraging the growth of high-tech industry. It would provide a total of $225 million in state grants to match federal, industry and academic funding; and additional targeted tax incentives to new companies launched by rapid advances in life sciences, genomics and genetics, and seek to build new ties between the fledgling industry and New York's world-class universities and research institutions.
In addition to Senator Bruno, the proposal was developed by Senate Finance Committee Chairman Ronald B. Stafford (R-C, Plattsburgh); Higher Education Chairman Kenneth P. LaValle (R-C, Port Jefferson); Commerce, Economic Development and Small Business Chairman James S. Alesi (R-C, Monroe County); Investigations, Taxation and Government Operations Chairman Roy M. Goodman (R-L, Manhattan) and Health Committee Chairman Kemp Hannon (R, Garden City), with the support of Senate Majority members.
"First and foremost, the goal of GEN*NY*SIS is the creation of new jobs for New Yorkers and to make our state an undisputed leader in research and development of applied life sciences technology," said Senator Bruno (R-C, Brunswick).
"Recent, rapid advances in the field of life sciences, including the completed mapping of the human genome and other genetic discoveries, have unveiled new job and commercial opportunities for which New York must be properly prepared to compete in this growing industry. GEN*NY*SIS builds on the already successful J2K program to create a visionary plan for making the Empire State a biotech leader," Senator Bruno said.
Specifically, GEN*NY*SIS will provide over five years:
BASIC RESEARCH ($150 million) -- GEN*NY*SIS matching grants will assist universities and institutions in attracting and retaining researchers and investigators, provide funding for new laboratory construction and expansion, and state-of-the-art equipment, and create a new "James D. Watson Young Investigators Program" to reward and encourage innovation by newly minted, New York-based Ph.D.'s. James D. Watson is the Nobel Prize-winning President of Cold Spring Harbor National Laboratory and co-discoverer in 1953 of the double-helix formation of DNA;
LIFE SCIENCES BUSINESS DEVELOPMENT PROGRAM ($75 million) -- Funding similar to programs already available for traditional, heavy industry would be available to assist new industry in obtaining buildings and equipment, workforce training and working capital. Additionally, GEN*NY*SIS funds would assist in the creation of "biotech business parks";
JOB-CREATING TARGETED TAX RELIEF ($45 million) -- A series of proven and carefully targeted tax credits are designed to stimulate job growth, including creation of special tax benefit "life science development zones," more than doubling the existing Research and Development Tax Credits to 20 percent and providing increased wage and tax credits for biotech industry employers, and
NYSTAR and Empire Development Support Funding ($5 million) -- New funding would be provided to NYSTAR and the Empire State Development Corp. for administrative costs and the creation of a high-technology business staff to aid new biotech businesses through regulatory processes, as well as provide information on all forms of state assistance, including tax credits and grants. Additionally, funding would be provided for activities related to publicizing New York's new commitment to biotech.
"Just as Dr. Watson's discoveries concerning DNA earlier this Century revolutionized life sciences studies, recent new findings like the mapping of the human genome have created unprecedented commercial opportunities that promise to improve the quality of life for everyone," Senator Bruno said.
"GEN*NY*SIS will position New York at the forefront of a new and growing industry of applying life sciences research to the creation of thousands of real jobs, and assure that the world will turn to New York for leadership in this growing and exciting field, " Senator Bruno said.
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