Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 09, 2018 |
print number 3237a |
Feb 09, 2018 |
amend and recommit to investigations and government operations |
Jan 03, 2018 |
referred to investigations and government operations |
May 02, 2017 |
reported and committed to finance |
Jan 20, 2017 |
referred to investigations and government operations |
Senate Bill S3237A
2017-2018 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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
Actions
Votes
Bill Amendments
co-Sponsors
(R, C, IP) 62nd Senate District
2017-S3237 - Details
- See Assembly Version of this Bill:
- A4420
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Add §24-b, amd §§210-B & 606, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2015-2016:
S4138, A7045
2019-2020: S4904
2017-S3237 - Summary
Creates a biotechnology research and development investment tax credit; provides that such credit shall be the product of fifteen percent and the qualified Bio/Med research and development costs paid or incurred in the state; allows credit for the taxable year in which the qualified Bio/Med research and development activity occurs.
2017-S3237 - Sponsor Memo
BILL NUMBER: S3237 TITLE OF BILL : An act to amend the tax law, in relation to the creation of a biotechnology research and development investment tax credit PURPOSE : To incentivize the growth of the Bio/Med industry within New York State by providing a tax credit for Bio/Med research and development activities conducted within the state. SUMMARY OF PROVISIONS : Adds a new section to the Tax Law to create a tax credit for Bio/Med research and development activities occurring within the state for calendar years 2018 through 2021. The credit is capped annually at $50 million. An enhanced credit is provided for activities occurring in upstate counties. The bill also adds conforming subsections to sections 210 and 606 of the Tax Law. EXISTING LAW : The Tax Law includes a limited tax credit for investment activities. Additionally, the Tax Law includes tax credits for certain economic
2017-S3237 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3237 2017-2018 Regular Sessions I N S E N A T E January 20, 2017 ___________ Introduced by Sens. RANZENHOFER, ORTT -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations AN ACT to amend the tax law, in relation to the creation of a biotech- nology research and development investment tax credit 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 24-b to read as follows: § 24-B. BIOSCIENCE AND MEDICAL TECHNOLOGY (BIO/MED) RESEARCH AND DEVELOPMENT TAX CREDIT. (A) DEFINITIONS. AS USED IN THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: (1) "QUALIFIED BIO/MED RESEARCH AND DEVELOPMENT COSTS" MEANS QUALIFIED RESEARCH EXPENSES AND BASIC RESEARCH PAYMENTS AS DEFINED IN SECTIONS 41 (B) AND (E) OF THE INTERNAL REVENUE CODE, EXCEPT IT DOES NOT INCLUDE EXPENSES INCURRED FOR QUALIFIED RESEARCH OR BASIC RESEARCH CONDUCTED OUTSIDE OF NEW YORK STATE, FOR PURPOSES OF DEVELOPING A PRODUCT OR PHAR- MACEUTICAL, INSTRUMENT, APPARATUS, MACHINE, CONTRIVANCE, IMPLANT OR OTHER SIMILAR OR RELATED ARTICLE, INCLUDING A COMPONENT PART OR ACCESSO- RY THAT ARE APPLICABLE TO THE PREVENTION, TREATMENT OR CURE OF A DISEASE OR CONDITION OF HUMAN BEINGS. (2) "QUALIFIED BIO/MED COMPANY" IS A CORPORATION, PARTNERSHIP, LIMITED PARTNERSHIP OR OTHER ENTITY WHICH IS ENGAGED IN THE PRODUCTION OF A PRODUCT OR PHARMACEUTICAL, INSTRUMENT, APPARATUS, MACHINE, CONTRIVANCE, IMPLANT OR OTHER SIMILAR OR RELATED ARTICLE, INCLUDING A COMPONENT PART OR ACCESSORY THAT ARE APPLICABLE TO THE PREVENTION, TREATMENT OR CURE OF A DISEASE OR CONDITION OF HUMAN BEINGS. (B) (1) ALLOWANCE OF CREDIT. A TAXPAYER WHICH IS A QUALIFIED BIO/MED COMPANY, SOLE PROPRIETOR OR A MEMBER OF A PARTNERSHIP, AND WHICH IS SUBJECT TO TAX UNDER ARTICLES NINE-A OR TWENTY-TWO OF THIS CHAPTER, SHALL BE ALLOWED A CREDIT AGAINST SUCH TAX, PURSUANT TO THE PROVISIONS EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
co-Sponsors
(R, C, IP) 62nd Senate District
2017-S3237A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A4420
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Add §24-b, amd §§210-B & 606, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2015-2016:
S4138, A7045
2019-2020: S4904
2017-S3237A (ACTIVE) - Summary
Creates a biotechnology research and development investment tax credit; provides that such credit shall be the product of fifteen percent and the qualified Bio/Med research and development costs paid or incurred in the state; allows credit for the taxable year in which the qualified Bio/Med research and development activity occurs.
2017-S3237A (ACTIVE) - Sponsor Memo
BILL NUMBER: S3237A SPONSOR: RANZENHOFER TITLE OF BILL: An act to amend the tax law, in relation to the creation of a biotechnology research and development investment tax credit PURPOSE: To incentivize the growth of the Bio/Med industry within New York State by providing a tax credit for Bio/Med research and development activ- ities conducted within the state. SUMMARY OF PROVISIONS: Adds a new section to the Tax Law to create a tax credit for Bio/Med research and development activities occurring within the state for calendar years 2019 through 2022. The credit is capped annually at $50 million. An enhanced credit is provided for activities occurring in upstate counties. The bill also adds conforming subsections to sections 210 and 606 of the Tax Law.
2017-S3237A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3237--A 2017-2018 Regular Sessions I N S E N A T E January 20, 2017 ___________ Introduced by Sens. RANZENHOFER, ORTT -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations -- recommitted to the Committee on Investi- gations and Government Operations in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to the creation of a biotech- nology research and development investment tax credit 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 24-b to read as follows: § 24-B. BIOSCIENCE AND MEDICAL TECHNOLOGY (BIO/MED) RESEARCH AND DEVELOPMENT TAX CREDIT. (A) DEFINITIONS. AS USED IN THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: (1) "QUALIFIED BIO/MED RESEARCH AND DEVELOPMENT COSTS" MEANS QUALIFIED RESEARCH EXPENSES AND BASIC RESEARCH PAYMENTS AS DEFINED IN SECTIONS 41 (B) AND (E) OF THE INTERNAL REVENUE CODE, EXCEPT IT DOES NOT INCLUDE EXPENSES INCURRED FOR QUALIFIED RESEARCH OR BASIC RESEARCH CONDUCTED OUTSIDE OF NEW YORK STATE, FOR PURPOSES OF DEVELOPING A PRODUCT OR PHAR- MACEUTICAL, INSTRUMENT, APPARATUS, MACHINE, CONTRIVANCE, IMPLANT OR OTHER SIMILAR OR RELATED ARTICLE, INCLUDING A COMPONENT PART OR ACCESSO- RY THAT ARE APPLICABLE TO THE PREVENTION, TREATMENT OR CURE OF A DISEASE OR CONDITION OF HUMAN BEINGS. (2) "QUALIFIED BIO/MED COMPANY" IS A CORPORATION, PARTNERSHIP, LIMITED PARTNERSHIP OR OTHER ENTITY WHICH IS ENGAGED IN THE PRODUCTION OF A PRODUCT OR PHARMACEUTICAL, INSTRUMENT, APPARATUS, MACHINE, CONTRIVANCE, IMPLANT OR OTHER SIMILAR OR RELATED ARTICLE, INCLUDING A COMPONENT PART OR ACCESSORY THAT ARE APPLICABLE TO THE PREVENTION, TREATMENT OR CURE OF A DISEASE OR CONDITION OF HUMAN BEINGS. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06143-02-8
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