Pataki Plan Targets High-Tech Jobs

New York Gov. George Pataki's freshly released budget plan includes a host of tax cuts and initiatives to bring more high-tech jobs to his state.

Detailing his $700 million plan in his State of the State address last week, Pataki promised to cut taxes by $2.3 million in fiscal 2000-2001 to help create jobs, particularly biotechnology jobs.

Initiatives include:

Empire State Technology Employment Program: This aims to encourage graduates of New York's engineering, computer science and applied science programs to take careers in the state. It would give employers in targeted industries the ability to offer cash incentives worth $3,400 annually for up to four years.

Rensselaer Polytechnic Institute: New York will commit up to $400,000 a year to support the school's application for National Science Foundation designation as a national research center in nanocomposite materials, which are building blocks for microsystem devices.

Biotechnology Industry Growth Fund: This new $10 million fund would provide start-up companies with capital to commercialize innovations that emerge from the lab. Pataki believes the money would give New York an edge in attracting and retaining high-skilled biotechnology workers.

Biotechnology Investment Refundable Tax Credit: This would expand New Yorks Investment Tax Credit to allow biotechnology companies to take greater advantage of it. It would become effective Jan. 1, 2001 and provide an estimated $1 million in tax savings.