Bill Text: NY A01980 | 2011-2012 | General Assembly | Introduced
Bill Title: Relates to the employment credit for qualified emerging technology companies.
Sponsorship: Partisan Bill (Democrat 2)
Status: (Introduced - Dead) 2012-01-04 - referred to ways and means [A01980 Detail]
Download: New_York-2011-A01980-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
1980
2011-2012 Regular Sessions
I N A S S E M B L Y
January 12, 2011
___________
Introduced by M. of A. MORELLE, LUPARDO -- read once and referred to the
Committee on Ways and Means
AN ACT to amend the tax law, in relation to the employment credit for
qualified emerging technology companies
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Paragraph (d) of subdivision 12-E of section 210 of the tax
2 law, as added by section 32 of part A of chapter 56 of the laws of 1998,
3 is amended to read as follows:
4 (d) The amount of the credit shall equal THE SUM OF:
5 (1) the product of [one] TWO thousand dollars times the number of
6 individuals employed full-time by the taxpayer in the taxable year that
7 are in excess of one hundred percent of the taxpayer's base year employ-
8 ment AND
9 (2) THE PRODUCT OF THREE THOUSAND DOLLARS TIMES THE NUMBER OF INDIVID-
10 UALS EMPLOYED FULL-TIME BY THE TAXPAYER IN THE TAXABLE YEAR THAT ARE IN
11 EXCESS OF ONE HUNDRED PERCENT OF THE TAXPAYER'S BASE YEAR EMPLOYMENT,
12 PROVIDED THAT SUCH INDIVIDUALS ARE EMPLOYED BY THE TAXPAYER AS A RESULT
13 OF THE TAXPAYER'S COMMERCIALIZATION OF INTELLECTUAL PROPERTY ACQUIRED
14 FROM A COLLEGE OR UNIVERSITY INCORPORATED BY THE REGENTS OF THE UNIVER-
15 SITY OF THE STATE OF NEW YORK, AND
16 (3) THE PRODUCT OF FOUR THOUSAND DOLLARS TIMES THE NUMBER OF "TARGETED
17 EMPLOYEES", AS DEFINED IN SUBPARAGRAPH TWO OF PARAGRAPH (B) OF SUBDIVI-
18 SION NINETEEN OF THIS SECTION WITHOUT REGARD TO EMPIRE ZONE WAGES,
19 EMPLOYED FULL-TIME BY THE TAXPAYER IN THE TAXABLE YEAR THAT ARE IN
20 EXCESS OF ONE HUNDRED PERCENT OF THE TAXPAYER'S BASE YEAR EMPLOYMENT.
21 S 2. Paragraph 4 of subsection (q) of section 606 of the tax law, as
22 added by section 2 of part I of chapter 407 of the laws of 1999, is
23 amended to read as follows:
24 (4) The amount of the credit shall equal THE SUM OF:
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06452-01-1
A. 1980 2
1 (1) the product of [one] TWO thousand dollars multiplied by the number
2 of individuals employed full-time by such company in the taxable year
3 that are in excess of one hundred percent of such company's base year
4 employment AND
5 (2) THE PRODUCT OF THREE THOUSAND DOLLARS MULTIPLIED BY THE NUMBER OF
6 INDIVIDUALS EMPLOYED FULL-TIME BY SUCH COMPANY IN THE TAXABLE YEAR THAT
7 ARE IN EXCESS OF ONE HUNDRED PERCENT OF SUCH COMPANY'S BASE YEAR EMPLOY-
8 MENT, PROVIDED THAT SUCH INDIVIDUALS ARE EMPLOYED BY SUCH COMPANY AS A
9 RESULT OF SUCH COMPANY'S COMMERCIALIZATION OF INTELLECTUAL PROPERTY
10 ACQUIRED FROM A COLLEGE OR UNIVERSITY INCORPORATED BY THE REGENTS OF THE
11 UNIVERSITY OF THE STATE OF NEW YORK, AND
12 (3) THE PRODUCT OF FOUR THOUSAND DOLLARS MULTIPLIED BY THE NUMBER OF
13 "TARGETED EMPLOYEES", AS DEFINED IN SUBPARAGRAPH (B) OF PARAGRAPH TWO OF
14 SUBSECTION (K) OF THIS SECTION WITHOUT REGARD TO EMPIRE ZONE WAGES,
15 EMPLOYED FULL-TIME BY SUCH COMPANY IN THE TAXABLE YEAR THAT ARE IN
16 EXCESS OF ONE HUNDRED PERCENT OF SUCH COMPANY'S BASE YEAR EMPLOYMENT.
17 S 3. This act shall take effect immediately and shall apply to taxable
18 years beginning on and after January 1, 2012.
