|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to investigations and government operations|
|Jan 20, 2011||referred to investigations and government operations|
senate Bill S2408
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S2408 - Details
S2408 - Summary
Relates to tax credits for start-up high technology companies to allow such companies in existence for 8 or less taxable years to receive refunds of unused investment tax credit carry forwards.
S2408 - Sponsor Memo
BILL NUMBER:S2408 TITLE OF BILL: An act to amend the tax law, in relation to start-up high technology companies PURPOSE OR GENERAL IDEA OF BILL: This legislation expands the availability of tax credit refunds for start-up technology companies to help them overcome certain barriers to the commercialization within New York State of scientific and technological discoveries from nonprofit research entities located in the State. SUMMARY OF SPECIFIC PROVISIONS: Section 1: Amends subparagraph 3 of paragraph (j) of subdivision 12 of section 210 of the tax law, as amended by section 1 of part CC of chapter 85 of the laws of 2002 to include that if a taxpayer is a start-up high technology company or a small high technology company as defined in section 3102 of the public authorities law, then they shall be allowed a credit for eight taxable years. current law would only allow these companies to obtain a refund of ITC carry forwards if they had been in business for five or less taxable years. Section 2: Establishes the effective date. JUSTIFICATION:
S2408 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2408 2011-2012 Regular Sessions I N S E N A T E January 20, 2011 ___________ Introduced by Sen. GRISANTI -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to start-up high technology companies THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraph 3 of paragraph (j) of subdivision 12 of section 210 of the tax law, as amended by section 1 of part CC of chap- ter 85 of the laws of 2002, is amended to read as follows: (3) has been subject to tax under this article for more than five taxable years (excluding short taxable years) PROVIDED, HOWEVER, IF THE TAXPAYER IS A START-UP HIGH TECHNOLOGY COMPANY OR A SMALL HIGH TECHNOLO- GY COMPANY PURSUANT TO THE PROVISIONS OF SECTION THIRTY-ONE HUNDRED TWO-E OF THE PUBLIC AUTHORITIES LAW, THE REFERENCE TO "FIVE TAXABLE YEARS" IN THE PRECEDING SENTENCE SHALL BE READ AS "EIGHT TAXABLE YEARS". S 2. This act shall take effect on the first of January next succeed- ing the date on which it shall have become a law and shall apply to taxable years beginning on or after such date. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07931-01-1
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