Bill Text: NY A06933 | 2017-2018 | General Assembly | Introduced

New York Assembly Bill 6933 (Prior Session Legislation)

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 14-0)

Status: (Introduced - Dead) 2018-06-14 - held for consideration in ways and means [A06933 Detail]

Download: New_York-2017-A06933-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                          6933
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                     March 24, 2017
                                       ___________
        Introduced  by M. of A. OAKS, CASTORINA, WALTER -- Multi-Sponsored by --
          M. of A.  BLANKENBUSH, CROUCH, DiPIETRO, FINCH, GOODELL, GRAF, HAWLEY,
          LOPEZ, LUPINACCI, McDONOUGH, McLAUGHLIN, PALMESANO, RAIA, STEC,  WALSH
          -- 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    § 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    § 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.
                                                                   LBD10329-01-7