Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 08, 2014 |
referred to investigations and government operations |
Jun 11, 2013 |
reported and committed to rules |
May 21, 2013 |
reported and committed to finance |
Apr 30, 2013 |
referred to investigations and government operations |
Senate Bill S4890
2013-2014 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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
Votes
co-Sponsors
(R, C, IP) Senate District
(R, C) 60th Senate District
(R, C) 53rd Senate District
(R, IP) Senate District
2013-S4890 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7264
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd ยงยง210 & 606, Tax L
2013-S4890 (ACTIVE) - Sponsor Memo
BILL NUMBER:S4890 TITLE OF BILL: An act to amend the tax law, in relation to the qualified emerging technology company facilities, operations and training credit PURPOSE: To reinstate the QETC tax credit, which expired in 2011. SUMMARY OF PROVISIONS: Amends Paragraphs (a), (b) and (h) of subdivision 12-G of section 210 of the tax law, and Paragraphs 1, 2 and 8 of subsection (nn) of section 606, to reinstate the QETC tax credit for taxable years beginning January 1, 2013. It makes clear that the language applies prospectively, and eliminates a clause that the Tax Department considered ambiguous. Adds provisions to eliminate the cap on total employment after the qualifying year, so long as 75% of total employees are locates in New York, and allows a partner in a company to be considered an employee only if he or she is full time and meets material participation requirements. Also, the sunset for the program is eliminated. If enacted, the program would be permanent. EXISTING LAW:. The QETC expired in 2011. JUSTIFICATION: To continue incentivizing growth of the emerging technology sector of New York's economy, this legislation enhances and makes permanent the Qualified Emerging Technology Company Facilities, Operations and Training Credit originally enacted in the 2005-6
2013-S4890 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4890 2013-2014 Regular Sessions I N S E N A T E April 30, 2013 ___________ Introduced by Sens. GOLDEN, BONACIC, GALLIVAN, GRIFFO, GRISANTI, MAZIARZ, RANZENHOFER, SEWARD, VALESKY, ZELDIN -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations AN ACT to amend the tax law, in relation to the qualified emerging tech- nology company facilities, operations and training credit THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraphs (a), (b) and (h) of subdivision 12-G of section 210 of the tax law, as amended by section 1-a of part A of chapter 63 of the laws of 2005, are amended to read as follows: (a) [A taxpayer that is a qualified emerging technology company pursu- ant to the provisions of section thirty-one hundred two-e (and specif- ically for the activities referenced in paragraph (b) of subdivision one of such section thirty-one hundred two-e) of the public authorities law, and that meets the eligibility requirements in paragraph (b) of this subdivision, shall be allowed a credit against the tax imposed by this article. The amount of credit shall be equal to the sum of the amounts specified in paragraphs (c), (d), and (e) of this subdivision subject to the limitations in paragraph (f) of this subdivision] FOR TAXABLE YEARS BEGINNING ON AND AFTER JANUARY FIRST, TWO THOUSAND THIRTEEN, A TAXPAYER THAT IS A QUALIFIED EMERGING TECHNOLOGY COMPANY PURSUANT TO THE PROVISIONS OF SUBPARAGRAPH ONE OF PARAGRAPH (C) OF SUBDIVISION ONE OF SECTION THIRTY-ONE HUNDRED TWO-E OF THE PUBLIC AUTHORITIES LAW, AND THAT MEETS THE ELIGIBILITY REQUIREMENTS IN PARAGRAPH (B) OF THIS SUBDIVISION, SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE. THE AMOUNT OF CREDIT SHALL BE EQUAL TO THE SUM OF THE AMOUNTS SPECIFIED IN PARAGRAPHS (C), (D), AND (E) OF THIS SUBDIVISION SUBJECT TO THE LIMITA- TIONS IN PARAGRAPH (F) OF THIS SUBDIVISION. (b) An eligible taxpayer shall (i) have no more than one hundred full- time employees, of which at least seventy-five percent are employed in EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10461-01-3
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