RYE, N.Y., Feb. 3, 2011 /PRNewswire/ -- Curemark, LLC, (www.curemark.com), a drug research and development company focused on the treatment of neurological diseases, recently hosted New York Senator Kirsten Gillibrand as she announced a new proposal to spur innovation and job creation, locally and nationally. Speaking at Curemark, which is developing an autism treatment, Senator Gillibrand detailed a new proposal to expand, simplify and make permanent the Research and Development tax credit.
More than 2,000 New York companies could take advantage of the R&D credit, which if it is made permanent, could increase private investment in R&D by more than $7.5 billion across the country, according to Senator Gillibrand.
"My number one focus is on creating good-paying, family-supporting jobs. By supporting research and development, we can help our businesses become more competitive and create the high tech jobs of tomorrow," Senator Gillibrand said. "New York is already home to the universities, businesses, laboratories, researchers and the bright minds we need for long-term economic strength. This proposal would leverage more private investment in our high-tech sector, creating good-paying jobs."
"As the CEO of a biotechnology company, Senator Gillibrand's initiative is extremely important to us," said Dr. Joan Fallon, Curemark founder and CEO. "By supporting cutting edge research in the biotechnology field, and thus allowing for innovation, these R&D tax credits will help to defray the costs of basic research and clinical programs, which can be prohibitive to the small biotech companies. We at Curemark are extremely grateful for the Senator's leadership on this issue."
Senator Gillibrand's proposal would expand the current credit by changing the formula to provide greater incentive for companies such as Curemark to increas