BF Innovation Inc., a new skin-care product developer in Farmingdale, has been accepted into Gov. Andrew M. Cuomo’s Start-Up NY tax-free zones program. Located at the Broad Hollow Bioscience Park on the campus of Farmingdale State College, BF Innovation will benefit from state and local tax exemptions for up to 10 years. Additionally, new employees will be exempt from state income taxes for the same period.
The company focuses on developing topical drug products, such as creams and gels for dermatitis. Currently, BF Innovation is in the process of purchasing equipment and recruiting new team members. By the end of the year, they hope to double their workforce from five to ten employees.
BF Innovation is the fourth participant in the Start-Up NY program at Farmingdale State’s bioscience park, joining Certerra Inc., ProtiFi LLC, and Haystack Diagnostics LLC. These startups are breathing new life into the park, which has been seeking tenants since OSI Pharmaceuticals relocated in 2013.
The Start-Up NY program aims to foster innovation and economic growth across the state. On Long Island, 16 businesses have committed to creating 121 jobs and investing $11.6 million. Statewide, the program has attracted 234 participants, pledging to create nearly 4,800 jobs and invest $225 million.
Farmingdale State President John Nader expressed optimism, stating that the bioscience park aims to become a hub for new and innovative firms that will boost Long Island’s economy. BF Innovation’s entry into the Start-Up NY program marks a significant step towards this goal.
Read the full article on Newsday by James T. Madore here: https://www.newsday.com/business/start-up-ny-cuomo-farmingdale-state-college-tax-breaks-w69586