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Assembly Bill A10360

2011-2012 Legislative Session

Establishes a tax credit for patent fees

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Archive: Last Bill Status - In Assembly Committee

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2011-A10360 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: A1736
2015-2016: A5218
2017-2018: A4625
2019-2020: A1012

2011-A10360 (ACTIVE) - Summary

Establishes a tax credit for patent fees.

2011-A10360 (ACTIVE) - Bill Text download pdf 

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

                                  10360

                          I N  A S S E M B L Y

                              May 24, 2012
                               ___________

Introduced  by  M. of A. KOLB -- read once and referred to the Committee
  on Ways and Means

AN ACT to amend the tax law, in relation to patent-NY credit

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Section  606  of  the  tax law is amended by adding a new
subsection (uu) to read as follows:
  (UU) PATENT-NY TAX CREDIT. (1) GENERAL. A TAXPAYER SHALL BE ALLOWED  A
CREDIT  AGAINST  THE  TAX  IMPOSED  BY THIS ARTICLE EQUAL TO ONE HUNDRED
PERCENT OF PATENT FEES, BUT NOT TO EXCEED FIFTEEN HUNDRED DOLLARS.
  (2) DEFINITIONS. FOR THE PURPOSES OF THIS SUBSECTION, THE TERM "PATENT
FEE" SHALL MEAN PATENT APPLICATION FEES, PATENT SEARCH FEES, AND  PATENT
EXAMINATION FEES.
  (3)  IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBSECTION FOR ANY
TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR,  THE  EXCESS
SHALL  BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS
ARTICLE, PROVIDED, HOWEVER, NO INTEREST SHALL BE PAID THEREON.
  (4) NO CREDIT SHALL BE ALLOWED UNDER THIS SUBSECTION TO A TAXPAYER FOR
ANY PATENT FEE IF THE TAXPAYER CLAIMS ANY OTHER CREDIT UNDER THIS  ARTI-
CLE FOR SUCH PATENT.
  S 2. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2013.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15923-01-2

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