Assembly Bill A6277

2011-2012 Legislative Session

Creates an income tax exemption for resident New Yorkers investing in a New York resident technology or science start-up company

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2011-A6277 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §616-a, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: A3689
2015-2016: A2862
2017-2018: A6933

2011-A6277 (ACTIVE) - Summary

Provides a capital gains and investment income tax exemption for resident New Yorkers investing in a New York resident technology or science start-up company.

2011-A6277 (ACTIVE) - Bill Text download pdf 

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

                                  6277

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                             March 11, 2011
                               ___________

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

AN ACT to amend the tax law, in relation to providing  a  capital  gains
  and investment income tax exemption for resident New Yorkers investing
  in a New York resident technology or science start-up company

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

  Section 1. The tax law is amended by adding a  new  section  616-a  to
read as follows:
  S  616-A.  NEW  YORK  TECHNOLOGY  AND  SCIENCE START-UP INVESTMENT TAX
EXEMPTION. (A) ANY CAPITAL GAINS OR INVESTMENT  INCOME,  AS  DEFINED  IN
SECTION  TWO  HUNDRED EIGHT OF THIS CHAPTER, IMPUTED TO A NEW YORK STATE
RESIDENT AS A RESULT OF INVESTMENTS MADE  IN  A  TECHNOLOGY  OR  SCIENCE
COMPANY SHALL NOT BE TAXABLE UNDER THIS ARTICLE PROVIDED THE FOLLOWING:
  (1)  THE  TECHNOLOGY OR SCIENCE COMPANY IS A START-UP COMPANY THAT HAS
BEEN IN OPERATION NOT EXCEEDING THREE YEARS; AND
  (2) THE TECHNOLOGY OR SCIENCE COMPANY IS A RESIDENT OF NEW YORK  STATE
AND TRANSACTS BUSINESS IN NEW YORK STATE; AND
  (3)  THE  TAXPAYER  FILING THE INCOME TAX RETURN IS ALSO A RESIDENT OF
NEW YORK STATE.
  (B) FOR THE PURPOSES OF THIS SECTION THE TERM  TECHNOLOGY  OR  SCIENCE
COMPANY  SHALL  INCLUDE,  BUT  NOT  BE  LIMITED  TO COMPANIES WORKING TO
ADVANCE INDUSTRY BASED IN BIOLOGY, CHEMISTRY, COMPUTER SCIENCE, GEOLOGY,
INFORMATION SCIENCE AND TECHNOLOGY, MATHEMATICS, PHYSICS,  BIOCHEMISTRY,
BIOPHYSICS, ENVIRONMENTAL SCIENCE, MATHEMATICS, NATURAL SCIENCE, NEUROS-
CIENCE -  CELLULAR AND MOLECULAR, AND NANOSCIENCE.
  S  2.  This  act shall take effect immediately and shall only apply to
tax returns filed after such effective date.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09124-01-1

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