Why Broad Hollow Bioscience Park
Broad Hollow Bioscience Park, Inc.(BHBP) is a not-for-profit entity located on the campus of Farmingdale State College (SUNY) which is designed to support an anchor tenant and early-stage companies with a need for wet laboratory space. BHBP is composed of 102,500 square feet of space in two facilities. Building I is 62,000 square feet bioscience facility designed to support the anchor tenant for the Park. Building II is 40,500 square feet, designed as a multi-tenant facility for early-stage companies, with planned expansion to include a new multi-tenant facility. BHBP is a partnership between Farmingdale State College, Cold Spring Harbor Laboratory, and the Research Foundation of the State University of New York.
The Broad Hollow Bioscience Park is devoted to supporting the development of biotech start-up companies by utilizing shared facility resources, the resources of the Farmingdale campus, partnering with surrounding businesses and research institutions, and clustering the growing biotech companies into the Route 110 Bioscience Corridor.
As a not-for-profit BHBP offers affordable lease rates enabling tenant companies to maximize resources on R&D activities.
About START-UP NY
Governor's Press Office, Albany, NY (October 22, 2013)
Tax-Free: Participating companies in START-UP NY will not pay any taxes (no income tax; no business, corporate state or local taxes; no sales tax; no property tax; and no franchise fees) for 10 years. Employees in participating companies will pay no income taxes for the first five years. For the second five years, employees will pay no taxes on income up to $200,000 of wages for individuals, $250,000 for a head of household, and $300,000 for taxpayers filing a joint return. The number of net new jobs eligible for personal income tax benefits will not exceed 10,000 new jobs per year.
Eligibility: In order to locate into a START-UP NY tax-free community, a business needs to be aligned with or further the academic mission of the campus, college or university sponsoring the tax-free community. Businesses participating in the program will need to have positive community and economic benefits. Every business must create and maintain net new jobs in order to participate. Businesses must:
- Be a new start-up company;
- Be a company from out-of-state that is relocating to New York State; or
- Be the expansion of an existing New York State company – for example, a company creating a new line of business or opening a new advanced manufacturing facility – as long as it can demonstrate that it is creating new jobs and not moving existing jobs.
In addition, New York State start-ups that "hatch" from New York State incubators will be eligible to enter tax-free communities and be eligible for the benefits under the program.
In New York City, Long Island and Westchester County, businesses must be high-tech start-up companies. Statewide, certain types of businesses are excluded from the program, including retail and wholesale businesses; restaurants and hospitality; professional practices like law firms and medical practices; and energy production and distribution companies.
Companies will be eligible to enter into the program until December 31, 2020 and by that time ESD will prepare an evaluation of the effectiveness of the program in order to determine whether eligibility should be extended.
Each university community will develop a plan for the types of businesses it intends to attract and the locations that will be tax-free. Businesses will apply directly to the participating college and, once a business is accepted, ESD will have 60 days to review the application to ensure eligibility.
Bans Competition with Existing Businesses: Under the START-UP NY program, businesses that might compete unfairly with other local businesses outside the tax-free area would be ineligible to participate.
Eligible Colleges and Universities: SUNY, CUNY and independent colleges and universities will all have the opportunity to develop tax-free communities.
SUNY: Every SUNY community college and 4-year college/university can establish a tax-free community using:
- Vacant land on the SUNY campus (for every campus outside of New York City);
- Vacant space in buildings on the SUNY campus (for every campus outside of NYC);
- Any business incubator with a bona fide affiliation to the campus, university or college; and
- Up to 200,000 square feet within one mile of a campus (for every campus north or west of Westchester County), or further with approval from ESD.
20 Strategic State Properties: In addition, the 3-member board can also designate up to 20 strategic State assets as tax-free communities. These must be State-owned vacant land, State-owned vacant facilities or State-owned facilities that are in the process of closing and becoming vacant. Each will be affiliated with a SUNY, CUNY or independent college or university to attract new employers and new jobs and transform the site into a regional economic engine.
Robust Protections Against Fraud: START-UP NY includes strong provisions to protect against fraud. Businesses will have to submit certification to ESD, and falsifying certifications will be a felony. The legislation also includes strict provisions to guard against abuses such as shifting jobs among related entities or "shirt changing," when a company simply reincorporates under a new name and claims its existing employees are now new jobs. In addition, START-UP NY includes measures to prevent self-dealing and conflicts of interest. In cases of fraud, the State will be empowered to claw-back benefits granted to the business. Companies that do not meet the terms of the program – including meeting their job creation targets – may have their benefits reduced, suspended or terminated. ESD will have the authority to review company data to ensure that jobs have been created and maintained, and to end participation by companies that have not created net new jobs. ESD will be required to publish a comprehensive annual report to enable the public to evaluate the program's impact.