New York’s 2018 Budget: Manufacturing & Innovation Highlights

Earlier this month, the New York State Legislature passed the state’s 2018 fiscal year budget. It includes appropriations for many of the initiatives that Governor Andrew M. Cuomo proposed for technology- and innovation-led economic growth.

Here are a few highlights of interest to manufacturers and those in the innovation economy:

  • $750 million in core capital and tax-credit funding that will be combined with a wide range of existing agency programs for the Regional Economic Development Council (REDC) initiative’s Round VII competition. As part of this competition, manufacturers can submit Consolidated Funding Applications (CFAs) for a variety of state assistance programs, like capital grant funding to support company expansion. Read more on that in this FuzeHub Report.
  • $620 million toward Governor Cuomo’s life sciences cluster initiative, which will include programs designed to spur further biotechnology commercialization and ensure that New York captures the economic benefits associated with this growing industry.
  • $500 million for the Buffalo Billion Phase II, funding that the Western New York region will use toward revitalization and smart growth efforts, improvements to workforce development and job training, growing advanced manufacturing, tourism and life sciences, and connecting communities through rail expansion.
  • $10 million for a Photonics Venture Challenge in Rochester. This multi-year business competition will support start-up companies that commercialize rapidly-developing photonics technologies through a business accelerator program.
  • Workers’ compensation reform that is expected to save New York State employers hundreds of millions of dollars.
  • Elimination of the cap on industrial hemp, authorizing farmers to research, grow, and process hemp as an agricultural commodity.

Items favored by Governor Cuomo that were ultimately not included in the enacted budget included a “Buy American” procurement policy for New York State agencies; and a name change to START-UP New York and loosened requirements for businesses participating in that tax-free zone program.

The budget sustains many existing New York State programs designed to help manufacturers maintain profitability and expand. Read this FuzeHub Report for more information on those resources.

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