|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jun 18, 2012||referred to ways and means|
delivered to assembly
ordered to third reading cal.1282
committee discharged and committed to rules
|Mar 28, 2012||referred to local government|
senate Bill S6837
Archive: Last Bill Status - Passed Senate
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S6837 - Details
- See Assembly Version of this Bill:
- Current Committee:
- Law Section:
- General Municipal Law
- Laws Affected:
- Add §959-c, Gen Muni L; amd §§210, 606, 1456 & 1511, Tax L
S6837 - Summary
Establishes an angel tax credit for investors who invest in certified startup business enterprises.
S6837 - Sponsor Memo
BILL NUMBER:S6837 TITLE OF BILL: An act to amend the general municipal law and the tax law, in relation to establishing an angel tax credit for investments made in small businesses PURPOSE: To establish an angel tax credit for investors who invest in certified startup business enterprises. SUMMARY OF PROVISIONS: This bill creates a new angel tax credit that provides incentives for investment in targeted industries and technologies which is available in other states. The bill authorizes the Commissioner of Economic Development to certify Startup Business Enterprises (SBE) and allocates $7 million in total Angel Tax Credits each year. The minimum investment is $100,000 and is capped at $1 million in qualifying contributions to capital; and no single certified SBE will be eligible for more than $1 million in qualifying contributions. The investor is provided with a refundable credit equal to 35 percent of such investor's qualifying investment (i.e. a $1 million capital investment would result in a $350,000 credit). The credit is available to Article 9-A, Article 22, Article 32, and Article 33 taxpayers.
S6837 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6837 I N S E N A T E March 28, 2012 ___________ Introduced by Sens. DeFRANCISCO, VALESKY -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to amend the general municipal law and the tax law, in relation to establishing an angel tax credit for investments made in small businesses THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The general municipal law is amended by adding a new section 959-c to read as follows: S 959-C. CERTIFIED STARTUP BUSINESS ENTERPRISE. (A) CERTIFICATION. (I) THE COMMISSIONER SHALL APPROVE APPLICATIONS FOR QUALIFICATION OF A BUSI- NESS ENTERPRISE AS A CERTIFIED STARTUP BUSINESS ENTERPRISE. AS A CONDI- TION FOR APPROVAL OF SUCH APPLICATION, THE COMMISSIONER IS AUTHORIZED TO SPECIFY CERTAIN REQUIREMENTS TO BE SATISFIED AS A CONDITION FOR APPROVAL OF A BUSINESS ENTERPRISE AS A CERTIFIED STARTUP BUSINESS ENTERPRISE AS THE COMMISSIONER DEEMS NECESSARY TO ENSURE THE QUALIFYING ANGEL INVEST- MENT WILL MAKE A SUBSTANTIAL CONTRIBUTION TO THE ECONOMIC DEVELOPMENT OF THIS STATE, INCLUDING THE USE OF A SYSTEM OF EVALUATION OF VARIOUS APPLICANT BUSINESS ENTERPRISES IN A COMPETITIVE FASHION. (II) WITH RESPECT TO AN APPROVED APPLICATION FOR QUALIFICATION OF A BUSINESS ENTERPRISE AS A CERTIFIED STARTUP BUSINESS ENTERPRISE, THE COMMISSIONER SHALL ISSUE TO SUCH BUSINESS ENTERPRISE A CERTIFICATE OF QUALIFICATION AS A CERTIFIED STARTUP BUSINESS ENTERPRISE SETTING FORTH THE EFFECTIVE DATE OF THE CERTIFICATION AND THE AMOUNT OF QUALIFYING ANGEL INVESTMENT AWARDED TO SUCH BUSINESS ENTERPRISE, WHICH AMOUNT SHALL BE NO LESS THAN ONE HUNDRED THOUSAND DOLLARS AND NO MORE THAN ONE MILLION DOLLARS. (III) FOR THE PERIOD JULY FIRST, TWO THOUSAND TWELVE THROUGH JUNE THIRTIETH, TWO THOUSAND THIRTEEN, THE COMMISSIONER MAY CERTIFY UP TO SEVEN MILLION DOLLARS IN QUALIFYING ANGEL INVESTMENT. FOR THE PERIOD JULY FIRST, TWO THOUSAND THIRTEEN THROUGH JUNE THIRTIETH, TWO THOUSAND FOURTEEN, THE COMMISSIONER MAY CERTIFY UP TO SEVEN MILLION DOLLARS IN QUALIFYING ANGEL INVESTMENT. FOR THE PERIOD JULY FIRST, TWO THOUSAND EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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