Senate Bill S5721

2023-2024 Legislative Session

Increases the excelsior research and development tax credit

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Sponsored By

Current 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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2023-S5721 (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
2021-2022: S3944

2023-S5721 (ACTIVE) - Summary

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

2023-S5721 (ACTIVE) - Sponsor Memo

2023-S5721 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5721
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              March 15, 2023
                                ___________
 
 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 chapter 494 of the laws of 2022, 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
 or a Green CHIPS 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  thou-
 sand  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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