Senate Bill S7896

2021-2022 Legislative Session

Provides for an angel investor income tax credit

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Budget And Revenue 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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2021-S7896 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §§606 & 210-B, Tax L
Versions Introduced in 2023-2024 Legislative Session:
S7033

2021-S7896 (ACTIVE) - Summary

Provides for an angel investor income tax credit for investments in qualified businesses that exceed $25,000.

2021-S7896 (ACTIVE) - Sponsor Memo

2021-S7896 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7896
 
                             I N  S E N A T E
 
                             January 18, 2022
                                ___________
 
 Introduced  by  Sen.  CLEARE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 AN ACT to amend the tax law, in  relation  to  providing  for  an  angel
   investor tax 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 (nnn) to read as follows:
   (NNN)  ANGEL INVESTOR CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER, WHO
 IS AN ANGEL INVESTOR, AS DEFINED BY SUBPARAGRAPH (II) OF PARAGRAPH THREE
 OF THIS SUBSECTION, SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS HEREIN-
 AFTER PROVIDED, AGAINST THE TAX IMPOSED BY THIS ARTICLE,  FOR  INVESTING
 TWENTY-FIVE  THOUSAND  DOLLARS  OR  MORE IN A QUALIFYING BUSINESS.   THE
 AMOUNT OF THE CREDIT SHALL BE TWENTY-FIVE PERCENT OF THE  INVESTMENT  IN
 THE  QUALIFYING BUSINESS UP TO BUT NOT EXCEEDING TWO HUNDRED FIFTY THOU-
 SAND DOLLARS.
   (2) APPLICATION OF CREDIT. IF THE AMOUNT  OF  CREDIT  ALLOWABLE  UNDER
 THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
 SUCH  YEAR,  THE  EXCESS  MAY  BE  CARRIED OVER TO THE FOLLOWING YEAR OR
 YEARS, AND MAY BE DEDUCTED FROM THE TAXPAYER'S  TAX  FOR  SUCH  YEAR  OR
 YEARS.
   (3)  DEFINITIONS.  FOR  PURPOSES  OF  THE  CREDIT  DESCRIBED  IN  THIS
 SUBSECTION:
   (I) "QUALIFYING BUSINESS" SHALL MEAN A BUSINESS ENTERPRISE,  INCLUDING
 A SOLE PROPRIETORSHIP, PARTNERSHIP OR CORPORATION THAT:
   (A)  HAS  NOT  YET GENERATED REVENUE OR HAS GROSS REVENUES, ALONG WITH
 THE GROSS REVENUES OF ITS AFFILIATES AND RELATED MEMBERS, NOT  EXCEEDING
 ONE  MILLION DOLLARS FOR THE TAXABLE YEAR IMMEDIATELY PRECEDING THE YEAR
 THE TAXPAYER IS ALLOWED A CREDIT UNDER THIS SUBSECTION. FOR PURPOSES  OF
 THIS PARAGRAPH, THE TERM "RELATED MEMBER" SHALL HAVE THE SAME MEANING AS
 SET FORTH IN CLAUSES (A) AND (B) OF SUBPARAGRAPH ONE OF PARAGRAPH (O) OF
 SUBDIVISION  NINE  OF SECTION TWO HUNDRED EIGHT OF THIS CHAPTER, AND THE
 TERM "AFFILIATES" SHALL MEAN THOSE CORPORATIONS THAT ARE MEMBERS OF  THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03162-02-2
              

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