New York Senate Bill 7671

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on September 27 2023 - 25% progression
Action: 2024-01-03 - REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS
Pending: Senate Commerce, Economic Development and Small Business Committee
Text: Latest bill text (Introduced) [HTML]

Enacts the "empire innovation act"; provides that a participant in the excelsior jobs program shall be eligible to claim a credit equal to the portion of the full cost of the participant's research and development expenses incurred that relates to the participant's research and development expenditures in New York state during the taxable year; provided however, if the participant receives a federal research and development tax credit calculated on the full cost of the participant's research and development expenses that relates to the participant's research and development expenditures in New York state during the taxable year, then said participant shall only 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 taxable year.

Enacts the "empire innovation act"; provides that a participant in the excelsior jobs program shall be eligible to claim a credit equal to the portion of the full cost of the participant's research and development expenses incurred that relates to the participant's research and development expenditures in New York state during the taxable year; provided however, if the participant receives a federal research and development tax credit calculated on the full cost of the participant's research and development expenses that relates to the participant's research and development expenditures in New York state during the taxable year, then said participant shall only 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 taxable year.

Sen. Steven Rhoads [R]

Date	Chamber	Action
2024-01-03	Senate	REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS
2023-09-27	Senate	REFERRED TO RULES

A07935 (Same As) 2024-01-03 - referred to economic development

Type	Source
Summary	https://www.nysenate.gov/legislation/bills/2023/S7671
Text	https://assembly.state.ny.us/leg/?default_fld=&bn=S07671&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S07671