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Assembly Bill A6933

2017-2018 Legislative Session

Creates an income tax exemption for resident New Yorkers investing in a New York resident technology or science start-up company

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Archive: Last Bill Status - In Assembly Committee

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2017-A6933 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §616-a, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: A6277
2013-2014: A3689
2015-2016: A2862

2017-A6933 (ACTIVE) - Summary

Provides a capital gains and investment income tax exemption for resident New Yorkers investing in a New York resident technology or science start-up company.

2017-A6933 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6933
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 24, 2017
                                ___________
 
 Introduced  by M. of A. OAKS, CASTORINA, WALTER -- Multi-Sponsored by --
   M. of A.  BLANKENBUSH, CROUCH, DiPIETRO, FINCH, GOODELL, GRAF, HAWLEY,
   LOPEZ, LUPINACCI, McDONOUGH, McLAUGHLIN, PALMESANO, RAIA, STEC,  WALSH
   -- read once and referred to the Committee on Ways and Means
 
 AN  ACT  to  amend the tax law, in relation to providing a capital gains
   and investment income tax exemption for resident New Yorkers investing
   in a New York resident technology or science start-up company
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The  tax  law is amended by adding a new section 616-a to
 read as follows:
   § 616-A. NEW YORK  TECHNOLOGY  AND  SCIENCE  START-UP  INVESTMENT  TAX
 EXEMPTION.  (A)  ANY  CAPITAL  GAINS OR INVESTMENT INCOME, AS DEFINED IN
 SECTION TWO HUNDRED EIGHT OF THIS CHAPTER, IMPUTED TO A NEW  YORK  STATE
 RESIDENT  AS  A  RESULT  OF  INVESTMENTS MADE IN A TECHNOLOGY OR SCIENCE
 COMPANY SHALL NOT BE TAXABLE UNDER THIS ARTICLE PROVIDED THE FOLLOWING:
   (1) THE TECHNOLOGY OR SCIENCE COMPANY IS A START-UP COMPANY  THAT  HAS
 BEEN IN OPERATION NOT EXCEEDING THREE YEARS; AND
   (2)  THE TECHNOLOGY OR SCIENCE COMPANY IS A RESIDENT OF NEW YORK STATE
 AND TRANSACTS BUSINESS IN NEW YORK STATE; AND
   (3) THE TAXPAYER FILING THE INCOME TAX RETURN IS ALSO  A  RESIDENT  OF
 NEW YORK STATE.
   (B)  FOR  THE  PURPOSES OF THIS SECTION THE TERM TECHNOLOGY OR SCIENCE
 COMPANY SHALL INCLUDE, BUT  NOT  BE  LIMITED  TO  COMPANIES  WORKING  TO
 ADVANCE INDUSTRY BASED IN BIOLOGY, CHEMISTRY, COMPUTER SCIENCE, GEOLOGY,
 INFORMATION  SCIENCE AND TECHNOLOGY, MATHEMATICS, PHYSICS, BIOCHEMISTRY,
 BIOPHYSICS, ENVIRONMENTAL SCIENCE, MATHEMATICS, NATURAL SCIENCE, NEUROS-
 CIENCE -  CELLULAR AND MOLECULAR, AND NANOSCIENCE.
   § 2. This act shall take effect immediately and shall  only  apply  to
 tax returns filed after such effective date.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10329-01-7

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