Senate Bill S3084

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 3084--A

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             March 10, 2009
                               ___________

Introduced  by  Sen. VALESKY -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations -- recommitted to the Committee on Investigations  and
  Government  Operations  in  accordance  with  Senate Rule 6, sec. 8 --
  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.
                                                           LBD04189-02-0

              

S. 3084--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.