assembly Bill A2742

2013-2014 Legislative Session

Creates the qualified emerging technology commercialization tax credit

download bill text pdf

Sponsored By

Archive: Last Bill Status - Stricken


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (3)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 15, 2014 enacting clause stricken
Jan 08, 2014 referred to ways and means
Jan 17, 2013 referred to ways and means

Co-Sponsors

Multi-Sponsors

A2742 - Details

Law Section:
Tax Law
Laws Affected:
Amd ยงยง210 & 606, Tax L
Versions Introduced in Previous Legislative Sessions:
2011-2012: A2638
2009-2010: A10115

A2742 - Summary

Creates the qualified emerging technology commercialization tax credit; provides that an eligible taxpayer shall receive a credit for 15 percent of qualified commercialization expenses.

A2742 - Bill Text download pdf

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

                                  2742

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            January 17, 2013
                               ___________

Introduced  by  M.  of A. GABRYSZAK, SCHIMMINGER, MORELLE, MAGNARELLI --
  Multi-Sponsored by -- M. of A. MILLMAN, PALMESANO  --  read  once  and
  referred to the Committee on Ways and Means

AN  ACT  to  amend  the  tax  law, in relation to creating the qualified
  emerging technology commercialization tax credit

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

  Section  1.  Section  210  of  the  tax law is amended by adding a new
subdivision 12-H to read as follows:
  12-H. QUALIFIED EMERGING TECHNOLOGY COMMERCIALIZATION TAX CREDIT.  (A)
AS USED IN THIS SUBDIVISION:
  (1)  "QUALIFIED  EMERGING  TECHNOLOGY  COMPANY"  SHALL  MEAN A COMPANY
LOCATED IN NEW YORK STATE: (I) WHOSE PRIMARY PRODUCTS  OR  SERVICES  ARE
CLASSIFIED AS EMERGING TECHNOLOGIES AND WHOSE TOTAL ANNUAL PRODUCT SALES
ARE  TEN  MILLION  DOLLARS OR LESS; OR (II) A COMPANY WHICH HAS RESEARCH
AND DEVELOPMENT ACTIVITIES IN NEW YORK STATE AND WHOSE RATIO OF RESEARCH
AND DEVELOPMENT FUNDS TO NET SALES EQUALS OR EXCEEDS THE  AVERAGE  RATIO
FOR  ALL  SURVEYED  COMPANIES  CLASSIFIED  AS DETERMINED BY THE NATIONAL
SCIENCE FOUNDATION IN THE MOST RECENT PUBLISHED RESULTS FROM ITS  SURVEY
OF INDUSTRY RESEARCH AND DEVELOPMENT, OR ANY COMPARABLE SUCCESSOR SURVEY
AS  DETERMINED  BY  THE DEPARTMENT, AND WHOSE TOTAL ANNUAL PRODUCT SALES
ARE TEN MILLION DOLLARS OR LESS. THE DEFINITION OF "RESEARCH AND  DEVEL-
OPMENT  FUNDS"  SHALL  BE  THE SAME AS THAT USED BY THE NATIONAL SCIENCE
FOUNDATION IN THE AFOREMENTIONED SURVEY.
  (2) "QUALIFIED COMMERCIALIZATION EXPENSES" MEANS TESTING; PROTOTYPING;
DESIGNING; NECESSARY MATERIALS AND FIXTURES,  OR  LABORATORY  EQUIPMENT;
INCORPORATION FEES AND LEGAL EXPENSES; ATTORNEY FEES; FEES FOR LICENSING
OF  TECHNOLOGIES DEVELOPED AT UNIVERSITIES; TRANSACTIONAL LEGAL EXPENSES
RELATED TO LICENSING UNIVERSITY TECHNOLOGIES; TRADE SHOW AND  CONFERENCE
FEES; AND PRODUCT PROMOTION AND MARKET RESEARCH EXPENSES.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05642-01-3

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