Bill Text: NY A02862 | 2015-2016 | General Assembly | Introduced
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) 2016-06-14 - held for consideration in ways and means [A02862 Detail]
Download: New_York-2015-A02862-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 2862 2015-2016 Regular Sessions I N A S S E M B L Y January 20, 2015 ___________ Introduced by M. of A. KATZ -- Multi-Sponsored by -- M. of A. BARCLAY, BLANKENBUSH, BORELLI, CROUCH, DiPIETRO, FINCH, GOODELL, GRAF, HAWLEY, LOPEZ, LUPINACCI, McDONOUGH, McLAUGHLIN, MILLER, OAKS, PALMESANO, RAIA, STEC, TENNEY, WALTER -- 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. LBD03389-01-5