Senate Bill S5220

2019-2020 Legislative Session

Relates to increasing the excelsior research and development tax credit

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Commerce, Economic Development And Small Business 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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2019-S5220 (ACTIVE) - Details

Current Committee:
Senate Commerce, Economic Development And Small Business
Law Section:
Economic Development Law
Laws Affected:
Amd §355, Ec Dev L
Versions Introduced in Other Legislative Sessions:
2017-2018: S7178
2021-2022: S3944
2023-2024: S5721

2019-S5220 (ACTIVE) - Summary

Increases the excelsior research and development tax credit maximum from six to twenty percent.

2019-S5220 (ACTIVE) - Sponsor Memo

2019-S5220 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5220
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                              April 16, 2019
                                ___________
 
 Introduced  by  Sen. KENNEDY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Commerce, Economic  Devel-
   opment and Small Business
 
 AN  ACT to amend the economic development law, in relation to increasing
   the excelsior research and development tax credit

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision  3 of section 355 of the economic development
 law, as amended by section 1 of part YY of chapter 59  of  the  laws  of
 2017, is amended to read as follows:
   3.  Excelsior research and development tax credit component. A partic-
 ipant in the excelsior jobs program shall be eligible to claim a  credit
 equal  to  fifty  percent  of  the  portion of the participant's federal
 research and development tax credit that relates  to  the  participant's
 research and development expenditures in New York state during the taxa-
 ble  year;  provided however, the excelsior research and development tax
 credit shall not exceed [six] TWENTY percent of the  qualified  research
 and development expenditures attributable to activities conducted in New
 York  state. If the federal research and development credit has expired,
 then the research and development expenditures relating to  the  federal
 research  and  development  credit shall be calculated as if the federal
 research and development credit structure and definition  in  effect  in
 two  thousand  nine  were  still  in effect.   Notwithstanding any other
 provision of this chapter to  the  contrary,  research  and  development
 expenditures  in  this state, including salary or wage expenses for jobs
 related to research and development activities in  this  state,  may  be
 used  as the basis for the excelsior research and development tax credit
 component and the  qualified  emerging  technology  company  facilities,
 operations and training credit under the tax law.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04156-01-9

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