senate Bill S5238

Vetoed By Governor
2013-2014 Legislative Session

Provides an angel investor credit against certain taxes imposed in a city of one million or more for investment in certain qualified emerging companies

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Archive: Last Bill Status Via A2355 - Vetoed by Governor


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Dec 18, 2013 tabled
vetoed memo.256
Dec 06, 2013 delivered to governor
Jun 21, 2013 returned to assembly
passed senate
3rd reading cal.1616
substituted for s5238
Jun 21, 2013 substituted by a2355
ordered to third reading cal.1616
committee discharged and committed to rules
May 15, 2013 referred to investigations and government operations

Votes

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S5238 - Details

See Assembly Version of this Bill:
A2355
Law Section:
Tax Law
Laws Affected:
Amd ยงยง1201-a & 1310, Tax L
Versions Introduced in 2011-2012 Legislative Session:
S7683, A10711

S5238 - Summary

Provides an angel investor credit against the unincorporated business tax and personal income tax in New York city for investments in certain qualified emerging companies and medical technology companies.

S5238 - Sponsor Memo

S5238 - Bill Text download pdf

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

                                  5238

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              May 15, 2013
                               ___________

Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in relation to authorizing any city  having
  a population of one million or more to provide an angel investor cred-
  it  against the unincorporated business tax and personal income tax of
  such city for certain qualified emerging companies and  medical  tech-
  nology companies

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

  Section 1. Section 1201-a of the tax law is amended by  adding  a  new
subdivision (e) to read as follows:
  (E)  ANGEL  INVESTOR  CREDIT. 1. ANY CITY IN THIS STATE HAVING A POPU-
LATION OF ONE MILLION OR MORE,  ACTING  THROUGH  ITS  LOCAL  LEGISLATIVE
BODY,  IS  HEREBY  AUTHORIZED  TO ADOPT AND AMEND LOCAL LAWS TO ALLOW AN
ANGEL INVESTOR CREDIT AGAINST THE UNINCORPORATED  BUSINESS  TAX  IMPOSED
PURSUANT  TO  THE  AUTHORITY OF CHAPTER SEVEN HUNDRED SEVENTY-TWO OF THE
LAWS OF NINETEEN HUNDRED SIXTY-SIX TO AN ELIGIBLE TAXPAYER THAT: (A)  IS
AN  ACCREDITED  INVESTOR  AS  DEFINED IN RULE 501 OF REGULATION D OF THE
SECURITIES AND EXCHANGE COMMISSION OF THE UNITED STATES PURSUANT TO  THE
SECURITIES  EXCHANGE  ACT  OF  1933,  AS  AMENDED; (B) MAKES A QUALIFIED
INVESTMENT IN A QUALIFIED EMERGING TECHNOLOGY  COMPANY,  AS  DEFINED  IN
PARAGRAPH  (C) OF SUBDIVISION ONE OF SECTION THIRTY-ONE HUNDRED TWO-E OF
THE PUBLIC AUTHORITIES LAW, EXCEPT THAT SUCH COMPANY SHALL MEAN A COMPA-
NY LOCATED IN SUCH CITY, THAT ENGAGES IN THE  ACTIVITIES  REFERENCED  IN
SUBPARAGRAPH   FIVE  OF  PARAGRAPH  B  OF  SUBDIVISION  ONE  OF  SECTION
THIRTY-ONE HUNDRED TWO-E OF THE PUBLIC AUTHORITIES LAW, OR MAKES A QUAL-
IFIED INVESTMENT IN A COMPANY THAT ENGAGES  IN  MEDICAL  TECHNOLOGY,  AS
DEFINED  IN  PARTS  3345 AND 3394 OF THE NORTH AMERICAN INDUSTRY CLASSI-
FICATION SYSTEM; (C) HAS NO MORE THAN ONE HUNDRED  FULL-TIME  EMPLOYEES,
OF  WHICH AT LEAST SEVENTY-FIVE PERCENT ARE EMPLOYED IN SUCH CITY, HAS A

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02754-01-3

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