New York Gov. Andrew Cuomo disclosed a new $650 million initiative to advance the growth of a new life science research cluster and expand the state's ability to commercialize this research.

The initiative comprises $250 million in tax incentives for life science companies and $200 million in state funding for wet labs and innovation space.

As part of the initiative, the $200 million will be invested over a period of 10 years to aid the capital needs of life science entities. The state will also make more than 3.2 million square feet of innovation space and 1,100 acres of developable land available on a tax-free basis at 45 colleges and universities across the state.

In addition, the initiative includes $100 million in investment capital from the state for early stage life science firms, with private sector partnerships also providing at least $100 million for investment and operational support.

Under the plan, existing life science businesses would be eligible for an annual allocation of $10 million in Excelsior tax credits. New businesses will receive a 15% refundable tax credit on all new qualifying R&D expenditures, while small businesses could be eligible for a 20% credit. Angel investors will get a credit of 25% of their investment, with a maximum of $250,000 per investor.