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Senate Bill S3944

2021-2022 Legislative Session

Relates to increasing the excelsior research and development tax credit

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Archive: Last Bill Status - In Senate Committee Commerce, Economic Development And Small Business Committee

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2021-S3944 (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
2019-2020: S5220
2023-2024: S5721
2025-2026: S6866

2021-S3944 (ACTIVE) - Summary

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

2021-S3944 (ACTIVE) - Sponsor Memo

2021-S3944 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3944
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 1, 2021
                                ___________
 
 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 4 of part L of chapter  59  of  the  laws  of
 2020, 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,  if  not  a  green project, the excelsior
 research and development  tax  credit  shall  not  exceed  [six]  TWENTY
 percent of the qualified research and development expenditures attribut-
 able to activities conducted in New York state[, or, if a green project,
 the excelsior research and development tax credit shall not exceed eight
 percent  of  the  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.

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