“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.”
On Tuesday 10th January 2017, Kathryn Wylde, President and CEO of the Partnership for New York City, testified to the New York City Council Committee on Economic Development on The Economic Impact of Increased Security for the President-Elect upon Local Businesses and the City as a Whole. Below is a summary of her comments to the committee.
“Governor Cuomo’s $650 million commitment to build a commercial life sciences industry in New York will create more than 25,000 middle class jobs and strengthen our medical research institutions. A robust life sciences industry will add $3.0 to $4.2 billion to the state’s economic output. The announcement that Johnson &Johnson will establish New York City’s first entrepreneurial incubator for life science companies is a major breakthrough for our emergence as a global commercial hub for life sciences.”
For background information on the life sciences initiative featured in the State of the State, the Partnership published a report in June, titled “New York’s Next Big Industry: Commercial Life Sciences” – available here.
“The Governor’s commitment to rebuild JFK and improve access to our region’s most important international airport is welcomed by the business community. Partnership studies have found that New York is losing billions in economic activity every year because of difficult access and the limited capacity at our airports.”
Today we are also releasing our findings that support Governor Cuomo’s vision for a better future for New York’s airports, link here and attached.
About the Partnership for New York City:
The Partnership for New York City represents the city’s business leaders and largest private sector employers. We work with government, labor and the nonprofit sector to promote economic growth and maintain the city’s prominence as a global center of commerce and innovation. Through the Partnership Fund for New York City, the Partnership contributes directly to projects that create jobs, improve economically distressed communities and stimulate new business creation.
Note: New York metro airports include: LaGuardia, Newark Liberty International, and John F. Kennedy International Airports. Two distinct groups were surveyed by PwC as part of this research: 1) Seventy-four major employers representing 2.3 million employees worldwide; and, 2) 3,763 business travelers of which 25 percent fly in and out of the New York metro region on business more than 10 times per year (55 percent who live in the New York metro region; 19 percent living elsewhere in the U.S.; 26 percent from outside the U.S.).
The Economist’s 1834 magazine highlighted Partnership Fund direct investment New Lab in its feature on Brooklyn’s Industrial Revolution. The piece explores how New York is leading the way in next-generation manufacturing.
New Lab opened in June 2016 and is now occupied with over 300 people working on advanced manufacturing projects.
“Governor Cuomo’s NYC Regional Economic Development Council was designated a “top performer” and awarded $80.2 million to help advance its priority projects today. Funds will go to job generating activity and community and workforce development across the five boroughs. The REDC process has transformed the state’s approach to economic development, allowing for transparency and encouraging local input into which projects merit state support.”
Dr. Piraye Yurttas Beim, Founder and CEO, Celmatix has been named Disruptive Founder of the Year by Rock Health, a venture fund dedicated to digital health in San Francisco.
Celmatix is a personalized medicine company focused on fertility and women’s health based in New York, which the Fund first invested in in 2015 – a great example of the growing life sciences industry in the city.
Chemical and Engineering News has named Fund investment, Lodo Therapeutics, one of its top 10 startups to watch.
Lodo Therapeutics takes an innovative approach to natural products drug discovery, using bacteria found in soil to uncover gene sequences that hold promising molecules to combat disease and infection. The Wall Street Journal recently wrote on the company’s use of New York City soil as a source of bacteria for their research, finding it to be as rich in microbes as soil found in the Amazon rain forest.
The Fund first invested in Lodo Therapeutics in 2015 as part of its life sciences portfolio, the company has also received funding from the Bill and Melinda Gates Foundation.