Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jul 01, 2010 |
held for consideration in ways and means |
Mar 04, 2010 |
referred to ways and means |
Assembly Bill A10115
2009-2010 Legislative Session
Sponsored By
ALESSI
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
Joseph Morelle
Dennis H. Gabryszak
Francine DelMonte
Donna Lupardo
multi-Sponsors
Joan Millman
2009-A10115 (ACTIVE) - Details
2009-A10115 (ACTIVE) - Sponsor Memo
BILL NUMBER:A10115 TITLE OF BILL: An act to amend the tax law, in relation to creating the qualified emerging technology commercialization tax credit PURPOSE OR GENERAL IDEA OF BILL:; This legislation would allow a commer- cialization tax credit for small companies engaged in high-technology fields. SUMMARY OF SPECIFIC PROVISIONS: The New York State tax law is amended by adding a new subdivision 12-H to section 210. Additionally section 606 of the New York State tax law is amended by adding a new subsection (qq), and by adding a new clause (xxxi) to subparagraph (B) of paragraph 1 of subsection (i) of this section. This legislation provides a commercialization tax credit for qualified emerging technology companies meeting certain eligibility conditions. The commercialization tax credit allowed is for fifteen percent of qual- ified commercialization expenses paid or incurred in the taxable year. The tax credit may be claimed for four consecutive taxable years, up to $100,000 per company per year. The act shall take effect immediately and shall apply to taxable years beginning on or after January 1, 2010.
2009-A10115 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10115 I N A S S E M B L Y March 4, 2010 ___________ Introduced by M. of A. ALESSI, MORELLE, GABRYSZAK, DelMONTE, LUPARDO, MAGNARELLI -- Multi-Sponsored by -- M. of A. MILLMAN -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to creating the qualified emerging technology commercialization tax credit THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 210 of the tax law is amended by adding a new subdivision 12-H to read as follows: 12-H. QUALIFIED EMERGING TECHNOLOGY COMMERCIALIZATION TAX CREDIT. (A) AS USED IN THIS SUBDIVISION: (1) "QUALIFIED EMERGING TECHNOLOGY COMPANY" SHALL MEAN A COMPANY LOCATED IN NEW YORK STATE: (I) WHOSE PRIMARY PRODUCTS OR SERVICES ARE CLASSIFIED AS EMERGING TECHNOLOGIES AND WHOSE TOTAL ANNUAL PRODUCT SALES ARE TEN MILLION DOLLARS OR LESS; OR (II) A COMPANY WHICH HAS RESEARCH AND DEVELOPMENT ACTIVITIES IN NEW YORK STATE AND WHOSE RATIO OF RESEARCH AND DEVELOPMENT FUNDS TO NET SALES EQUALS OR EXCEEDS THE AVERAGE RATIO FOR ALL SURVEYED COMPANIES CLASSIFIED AS DETERMINED BY THE NATIONAL SCIENCE FOUNDATION IN THE MOST RECENT PUBLISHED RESULTS FROM ITS SURVEY OF INDUSTRY RESEARCH AND DEVELOPMENT, OR ANY COMPARABLE SUCCESSOR SURVEY AS DETERMINED BY THE DEPARTMENT, AND WHOSE TOTAL ANNUAL PRODUCT SALES ARE TEN MILLION DOLLARS OR LESS. THE DEFINITION OF "RESEARCH AND DEVEL- OPMENT FUNDS" SHALL BE THE SAME AS THAT USED BY THE NATIONAL SCIENCE FOUNDATION IN THE AFOREMENTIONED SURVEY. (2) "QUALIFIED COMMERCIALIZATION EXPENSES" MEANS TESTING; PROTOTYPING; DESIGNING; NECESSARY MATERIALS AND FIXTURES, OR LABORATORY EQUIPMENT; INCORPORATION FEES AND LEGAL EXPENSES; ATTORNEY FEES; FEES FOR LICENSING OF TECHNOLOGIES DEVELOPED AT UNIVERSITIES; TRANSACTIONAL LEGAL EXPENSES RELATED TO LICENSING UNIVERSITY TECHNOLOGIES; TRADE SHOW AND CONFERENCE FEES; AND PRODUCT PROMOTION AND MARKET RESEARCH EXPENSES. (B) A TAXPAYER THAT IS A QUALIFIED EMERGING TECHNOLOGY COMPANY (AND SPECIFICALLY FOR THE ACTIVITIES REFERENCED IN PARAGRAPH (B) OF SUBDIVI- SION ONE OF SECTION THIRTY-ONE HUNDRED TWO-E OF THE PUBLIC AUTHORITIES LAW), AND THAT MEETS THE ELIGIBILITY REQUIREMENTS IN PARAGRAPH (C) OF EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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