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History
- Reported and committed to finance
- Referred to commerce, economic development and small business
- Referred to commerce, economic development and small business
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Establishes the biosciences commercialization assistance fund within the foundation for science, technology and innovation
In Assembly Committee · Ways And Means · Sponsor William Magnarelli
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the public authorities law, in relation to establishing the biosciences commercialization assistance fund within the foundation for science, technology and innovation
Purpose or general idea of bill
This bill would create a new program within the foundation for science, technology and innovation to aid the commercialization of bioscience innovations through grants and assistance to companies and research institutions.
Summary of specific provisions
Section 1 amends section 3150 of the public authorities law by defining "research entity"and "focus area," Section 2 adds a new section 3154-a to a new biosciences commercialization assistance and defines the purposes and uses of the fund. The foundation must give priority to projects that have the greatest chance of commercial success. Section 3 makes available funds from the incentive program part of the research development program. Section 4 establishes the effectiveness date.
Justification
Bioscience-based industries such as those manufacturing medical devices hold an important place in clusters of the knowledge based economy in New York State. In roundtable discussions hosted by the Task Force on University-Industry Cooperation and the Commission on Science and Technology, participants called for new legislative initiatives that benefit the biosciences industry. It was noted that the biosciences are and are likely to continue to be very important in New York State, and that New York continues to be a leader in attracting research for biosciences research. The need for a set of commercialization incentives that targets biosciences is highlighted by the fact that commercialization of bioscience innovations can often extend to ten or fifteen years reflecting in part the requirement of extensive clinical trials.
Prior legislative history
2007-2008: A.10256
Fiscal implications
The new fund will depend upon the allocation of available appropriations
Effective date
The act would take effect in 180 days.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.