Bill Text: NY A01736 | 2013-2014 | General Assembly | Introduced

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Bill Title: Establishes a tax credit for patent fees not to exceed $1,500.

Spectrum: Partisan Bill (Republican 7-0)

Status: (Introduced - Dead) 2014-06-17 - held for consideration in ways and means [A01736 Detail]

Download: New_York-2013-A01736-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         1736
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                      (PREFILED)
                                    January 9, 2013
                                      ___________
       Introduced  by  M.  of  A. KOLB, OAKS, REILICH, WALTER, PALMESANO, RAIA,
         HAWLEY, BARCLAY -- 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 (vv) to read as follows:
    3    (VV) 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    S 2. This act shall take effect immediately and shall apply to taxable
   18  years beginning on or after January 1, 2014.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD03322-01-3