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NY State Senate Passes $3M Biotech Tax Credit for New York; Enactment Expected

A bill allowing New York City to award up to $3 million in tax credits to early-stage biotechnology companies that promise to relocate to, or expand within, the Big Apple is expected to be signed into law by Gov. David Paterson, following its passage by the state Senate a month after the measure passed the state Assembly unanimously, Senate sponsor Tom Duane (D-Manhattan) said in a statement.

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