The Technion Institute is the engine driving Israel’s emergence as a “Start-up Nation” where tech businesses are thriving. Its partnership with the New York Genome Center represents an opportunity to bring the same ability to generate entrepreneurial activity in the life sciences to our state. This is a very good move on the Governor’s part.
Celmatix was recognized for its innovation in fertility prediction as one of Fast Company’s Top 50 World’s Most Innovative Companies. Celmatix is a biotech company spun out of Weill Cornell that leverages predictive analytics and genomics to create products focused on the treatment of infertility and proactive fertility management.
“New York imposes higher tax rates than any of our international competitors and, within the U.S., only California has moderately higher tax rates than New York City. Texas and Florida, with no personal income taxes, are growing their economy and creating new jobs at a significantly faster pace than New York. Moreover, Downstate accounts for 92% of all personal income tax revenues generated by New York’s highest earners, putting a disproportionate burden on the region that is producing the most jobs and economic growth for the state.”
“The city’s property tax system is in desperate need of reform to achieve fairness and to support public policy objectives. A simple tax cap, like the rest of the state, is not sufficient to address the disproportionate burden that New York City’s tax code places on commercial properties, including rental housing, businesses and utilities. Legislation authorizing appointment of a bipartisan commission is a great first step. We congratulate the State Senate leadership for passing this bill and urge the Assembly and the Governor to follow suit.”
Kathryn Wylde was interviewed by CBS New York on the impact President Trump might have on New York’s business community. See the segment below.
“Today, the state Assembly Democrats issued an income tax plan predicated on the absurd contention that the state’s most successful entrepreneurs, investors and business executives will turn over 54 cents of every dollar of their top earnings to the government for the privilege of living and working in New York State. They assume that New York can raise taxes on the highest earners by 17 percent and collect billions of new revenues. It is far more likely that such a move will cost the state billions of lost tax dollars and many thousands of lost jobs. On most of their income, these taxpayers would pay only 40 cents of every dollar to the government if they move to Florida or Texas; 45 cents in London or Paris; less than 25 cents in Hong Kong or Singapore. Their proposed tax increase would make New York City the highest taxed location in the country. The last time the state imposed rates this high was in the 1970’s – a decade in which the city lost half its Fortune 500 companies, about a million residents, and nearly went bankrupt. Their proposal should be dead on arrival.”
Growth-Stage Companies Offer New Platforms for Simplifying Health Data and Improving Patient Care
New York, NY – January 24, 2017 Today, at the New York Digital Health Accelerator (NYDHA) demo day, six growth-stage health tech companies presented their cutting-edge health care solutions to an audience of health care providers, insurance companies and investors. The event marks the culmination of the five month program run by the Partnership Fund for New York City (Partnership Fund) and the New York eHealth Collaborative (NYeC), which bolsters New York’s growing health tech sector and encourages the development of innovative digital health tools. This year’s winners included: BMIQ, Diameter Health, eCaring, Healthify, Somatix and Spring.
“Council Member Dan Garodnick has introduced legislation that will, if enacted, remove one barrier to the growth of small businesses in the city. By eliminating the Commercial Rent Tax burden for small businesses paying less than $500,000 in rent each year, this legislation would send a positive signal to employers who are increasingly concerned about the city ‘s tax and regulatory burdens.”
“The millionaire’s tax was supposed to be a temporary surcharge to get the state through a post-recession fiscal crisis. It increases the marginal income tax burden on affected tax payers to more than 52% of their earned income. It also falls overwhelmingly on taxpayers who live and work in New York City, Westchester and Long Island, the region which is the state’s primary source of new jobs and economic activity. Albany needs to understand the potential negative impact of a tax rate that is higher than almost any of our domestic and global competitors when it comes to attracting talent and jobs.”