Bill Text: NY A03689 | 2013-2014 | General Assembly | Introduced

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Bill Title: Provides a capital gains and investment income tax exemption for resident New Yorkers investing in a New York resident technology or science start-up company.

Spectrum: Partisan Bill (Republican 20-1)

Status: (Introduced - Dead) 2014-06-17 - held for consideration in ways and means [A03689 Detail]

Download: New_York-2013-A03689-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3689
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 28, 2013
                                      ___________
       Introduced  by  M. of A. KATZ, MILLER, TENNEY, McLAUGHLIN -- Multi-Spon-
         sored by -- M. of A.  BARCLAY, BLANKENBUSH, CROUCH,  GOODELL,  HAWLEY,
         OAKS, PALMESANO -- read once and referred to the Committee on Ways and
         Means
       AN  ACT  to  amend the tax law, in relation to providing a capital gains
         and investment income tax exemption for resident New Yorkers investing
         in a New York resident technology or science start-up company
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  The  tax  law is amended by adding a new section 616-a to
    2  read as follows:
    3    S 616-A. NEW YORK  TECHNOLOGY  AND  SCIENCE  START-UP  INVESTMENT  TAX
    4  EXEMPTION.  (A)  ANY  CAPITAL  GAINS OR INVESTMENT INCOME, AS DEFINED IN
    5  SECTION TWO HUNDRED EIGHT OF THIS CHAPTER, IMPUTED TO A NEW  YORK  STATE
    6  RESIDENT  AS  A  RESULT  OF  INVESTMENTS MADE IN A TECHNOLOGY OR SCIENCE
    7  COMPANY SHALL NOT BE TAXABLE UNDER THIS ARTICLE PROVIDED THE FOLLOWING:
    8    (1) THE TECHNOLOGY OR SCIENCE COMPANY IS A START-UP COMPANY  THAT  HAS
    9  BEEN IN OPERATION NOT EXCEEDING THREE YEARS; AND
   10    (2)  THE TECHNOLOGY OR SCIENCE COMPANY IS A RESIDENT OF NEW YORK STATE
   11  AND TRANSACTS BUSINESS IN NEW YORK STATE; AND
   12    (3) THE TAXPAYER FILING THE INCOME TAX RETURN IS ALSO  A  RESIDENT  OF
   13  NEW YORK STATE.
   14    (B)  FOR  THE  PURPOSES OF THIS SECTION THE TERM TECHNOLOGY OR SCIENCE
   15  COMPANY SHALL INCLUDE, BUT  NOT  BE  LIMITED  TO  COMPANIES  WORKING  TO
   16  ADVANCE INDUSTRY BASED IN BIOLOGY, CHEMISTRY, COMPUTER SCIENCE, GEOLOGY,
   17  INFORMATION  SCIENCE AND TECHNOLOGY, MATHEMATICS, PHYSICS, BIOCHEMISTRY,
   18  BIOPHYSICS, ENVIRONMENTAL SCIENCE, MATHEMATICS, NATURAL SCIENCE, NEUROS-
   19  CIENCE -  CELLULAR AND MOLECULAR, AND NANOSCIENCE.
   20    S 2. This act shall take effect immediately and shall  only  apply  to
   21  tax returns filed after such effective date.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07922-01-3