|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|
assembly Bill A2742
Archive: Last Bill Status - STRICKEN
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
A2742 - Details
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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