S T A T E O F N E W Y O R K
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1889--A
2009-2010 Regular Sessions
I N A S S E M B L Y
January 14, 2009
___________
Introduced by M. of A. MORELLE, ALESSI -- read once and referred to the
Committee on Ways and Means -- recommitted to the Committee on Ways
and Means in accordance with Assembly Rule 3, sec. 2 -- committee
discharged, bill amended, ordered reprinted as amended and recommitted
to said committee
AN ACT to amend the tax law, in relation to the employment credit for
qualified emerging technology companies
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph (d) of subdivision 12-E of section 210 of the tax
law, as added by section 32 of part A of chapter 56 of the laws of 1998,
is amended to read as follows:
(d) The amount of the credit shall equal THE SUM OF:
(1) the product of [one] TWO thousand dollars times the number of
individuals employed full-time by the taxpayer in the taxable year that
are in excess of one hundred percent of the taxpayer's base year employ-
ment AND
(2) THE PRODUCT OF THREE THOUSAND DOLLARS TIMES THE NUMBER OF INDIVID-
UALS EMPLOYED FULL-TIME BY THE TAXPAYER IN THE TAXABLE YEAR THAT ARE IN
EXCESS OF ONE HUNDRED PERCENT OF THE TAXPAYER'S BASE YEAR EMPLOYMENT,
PROVIDED THAT SUCH INDIVIDUALS ARE EMPLOYED BY THE TAXPAYER AS A RESULT
OF THE TAXPAYER'S COMMERCIALIZATION OF INTELLECTUAL PROPERTY ACQUIRED
FROM A COLLEGE OR UNIVERSITY INCORPORATED BY THE REGENTS OF THE UNIVER-
SITY OF THE STATE OF NEW YORK, AND
(3) THE PRODUCT OF FOUR THOUSAND DOLLARS TIMES THE NUMBER OF "TARGETED
EMPLOYEES", AS DEFINED IN SUBPARAGRAPH TWO OF PARAGRAPH (B) OF SUBDIVI-
SION NINETEEN OF THIS SECTION WITHOUT REGARD TO EMPIRE ZONE WAGES,
EMPLOYED FULL-TIME BY THE TAXPAYER IN THE TAXABLE YEAR THAT ARE IN
EXCESS OF ONE HUNDRED PERCENT OF THE TAXPAYER'S BASE YEAR EMPLOYMENT.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04189-03-0
A. 1889--A 2
S 2. Paragraph 4 of subsection (q) of section 606 of the tax law, as
added by section 2 of part I of chapter 407 of the laws of 1999, is
amended to read as follows:
(4) The amount of the credit shall equal THE SUM OF:
(1) the product of [one] TWO thousand dollars multiplied by the number
of individuals employed full-time by such company in the taxable year
that are in excess of one hundred percent of such company's base year
employment AND
(2) THE PRODUCT OF THREE THOUSAND DOLLARS MULTIPLIED BY THE NUMBER OF
INDIVIDUALS EMPLOYED FULL-TIME BY SUCH COMPANY IN THE TAXABLE YEAR THAT
ARE IN EXCESS OF ONE HUNDRED PERCENT OF SUCH COMPANY'S BASE YEAR EMPLOY-
MENT, PROVIDED THAT SUCH INDIVIDUALS ARE EMPLOYED BY SUCH COMPANY AS A
RESULT OF SUCH COMPANY'S COMMERCIALIZATION OF INTELLECTUAL PROPERTY
ACQUIRED FROM A COLLEGE OR UNIVERSITY INCORPORATED BY THE REGENTS OF THE
UNIVERSITY OF THE STATE OF NEW YORK, AND
(3) THE PRODUCT OF FOUR THOUSAND DOLLARS MULTIPLIED BY THE NUMBER OF
"TARGETED EMPLOYEES", AS DEFINED IN SUBPARAGRAPH (B) OF PARAGRAPH TWO OF
SUBSECTION (K) OF THIS SECTION WITHOUT REGARD TO EMPIRE ZONE WAGES,
EMPLOYED FULL-TIME BY SUCH COMPANY IN THE TAXABLE YEAR THAT ARE IN
EXCESS OF ONE HUNDRED PERCENT OF SUCH COMPANY'S BASE YEAR EMPLOYMENT.
S 3. This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2010.