Assembly Bill A7264

2013-2014 Legislative Session

Relates to the qualified emerging technology company facilities, operations and training credit

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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2013-A7264 (ACTIVE) - Details

See Senate Version of this Bill:
S4890
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§210 & 606, Tax L

2013-A7264 (ACTIVE) - Summary

Relates to the qualified emerging technology company facilities, operations and training credit.

2013-A7264 (ACTIVE) - Bill Text download pdf

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

                                  7264

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                               May 8, 2013
                               ___________

Introduced  by M. of A. LUPARDO, SCHIMMINGER, ROSENTHAL -- read once and
  referred to the Committee on Ways and Means

AN ACT to amend the tax law, in relation to the qualified emerging tech-
  nology company facilities, operations and training credit

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

  Section  1. Paragraphs (a), (b) and (h) of subdivision 12-G of section
210 of the tax law, as amended by section 1-a of part A of chapter 63 of
the laws of 2005, are amended to read as follows:
  (a) [A taxpayer that is a qualified emerging technology company pursu-
ant to the provisions of section thirty-one hundred two-e  (and  specif-
ically for the activities referenced in paragraph (b) of subdivision one
of such section thirty-one hundred two-e) of the public authorities law,
and  that  meets  the  eligibility requirements in paragraph (b) of this
subdivision, shall be allowed a credit against the tax imposed  by  this
article.  The  amount of credit shall be equal to the sum of the amounts
specified in paragraphs (c), (d), and (e) of this subdivision subject to
the limitations in paragraph (f) of this subdivision] FOR TAXABLE  YEARS
BEGINNING  ON AND AFTER JANUARY FIRST, TWO THOUSAND THIRTEEN, A TAXPAYER
THAT  IS  A  QUALIFIED  EMERGING  TECHNOLOGY  COMPANY  PURSUANT  TO  THE
PROVISIONS  OF  SUBPARAGRAPH  ONE OF PARAGRAPH (C) OF SUBDIVISION ONE OF
SECTION THIRTY-ONE HUNDRED TWO-E OF THE PUBLIC AUTHORITIES LAW, AND THAT
MEETS THE ELIGIBILITY REQUIREMENTS IN PARAGRAPH (B) OF THIS SUBDIVISION,
SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS  ARTICLE.  THE
AMOUNT  OF  CREDIT SHALL BE EQUAL TO THE SUM OF THE AMOUNTS SPECIFIED IN
PARAGRAPHS (C), (D), AND (E) OF THIS SUBDIVISION SUBJECT TO THE  LIMITA-
TIONS IN PARAGRAPH (F) OF THIS SUBDIVISION.
  (b) An eligible taxpayer shall (i) have no more than one hundred full-
time  employees,  of which at least seventy-five percent are employed in
New York state, EXCEPT AS OTHERWISE PROVIDED  IN  THIS  PARAGRAPH,  (ii)
have a ratio of research and development funds to net sales, as referred

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10461-01-3
              

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