Assembly Bill A4625

2017-2018 Legislative Session

Establishes a tax credit for patent fees

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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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2017-A4625 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: A10360
2013-2014: A1736
2015-2016: A5218
2019-2020: A1012

2017-A4625 (ACTIVE) - Summary

Establishes a tax credit for patent fees not to exceed $1,500.

2017-A4625 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4625
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 3, 2017
                                ___________
 
 Introduced  by  M.  of  A.  KOLB, OAKS, WALTER, PALMESANO, RAIA, HAWLEY,
   BARCLAY, BLANKENBUSH -- read once and referred  to  the  Committee  on
   Ways and Means
 
 AN ACT to amend the tax law, in relation to patent-NY credit
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
 subsection (ccc) to read as follows:
   (CCC) PATENT-NY TAX CREDIT. (1) GENERAL. A TAXPAYER SHALL BE ALLOWED A
 CREDIT  AGAINST  THE  TAX  IMPOSED  BY THIS ARTICLE EQUAL TO ONE HUNDRED
 PERCENT OF PATENT FEES, BUT NOT TO EXCEED FIFTEEN HUNDRED DOLLARS.
   (2) DEFINITIONS. FOR THE PURPOSES OF THIS SUBSECTION, THE TERM "PATENT
 FEE" SHALL MEAN PATENT APPLICATION FEES, PATENT SEARCH FEES, AND  PATENT
 EXAMINATION FEES.
   (3)  IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBSECTION FOR ANY
 TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR,  THE  EXCESS
 SHALL  BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN
 ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS
 ARTICLE, PROVIDED, HOWEVER, NO INTEREST SHALL BE PAID THEREON.
   (4) NO CREDIT SHALL BE ALLOWED UNDER THIS SUBSECTION TO A TAXPAYER FOR
 ANY PATENT FEE IF THE TAXPAYER CLAIMS ANY OTHER CREDIT UNDER THIS  ARTI-
 CLE FOR SUCH PATENT.
   § 2. This act shall take effect immediately and shall apply to taxable
 years beginning on or after January 1, 2017.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03292-01-7

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