Bill Text: NY A01012 | 2019-2020 | General Assembly | Introduced
Bill Title: Establishes a tax credit for patent fees not to exceed $1,500.
Spectrum: Partisan Bill (Republican 6-0)
Status: (Introduced - Dead) 2020-07-17 - held for consideration in ways and means [A01012 Detail]
Download: New_York-2019-A01012-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 1012 2019-2020 Regular Sessions IN ASSEMBLY January 14, 2019 ___________ Introduced by M. of A. KOLB, PALMESANO, RAIA, HAWLEY, BARCLAY, BLANKEN- BUSH -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to patent-NY credit The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 606 of the tax law is amended by adding a new 2 subsection (jjj) to read as follows: 3 (jjj) Patent-NY tax credit. (1) General. A taxpayer shall be allowed a 4 credit against the tax imposed by this article equal to one hundred 5 percent of patent fees, but not to exceed fifteen hundred dollars. 6 (2) Definitions. For the purposes of this subsection, the term "patent 7 fee" shall mean patent application fees, patent search fees, and patent 8 examination fees. 9 (3) If the amount of the credit allowed under this subsection for any 10 taxable year shall exceed the taxpayer's tax for such year, the excess 11 shall be treated as an overpayment of tax to be credited or refunded in 12 accordance with the provisions of section six hundred eighty-six of this 13 article, provided, however, no interest shall be paid thereon. 14 (4) No credit shall be allowed under this subsection to a taxpayer for 15 any patent fee if the taxpayer claims any other credit under this arti- 16 cle for such patent. 17 § 2. This act shall take effect immediately and shall apply to taxable 18 years beginning on or after January 1, 2019. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD04301-01-9
