Bill Text: NY A07636 | 2011-2012 | General Assembly | Introduced
Bill Title: Relates to tax credits for start-up high technology companies to allow such companies in existence for 8 or less taxable years to receive refunds of unused investment tax credit carry forwards.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-01-04 - referred to ways and means [A07636 Detail]
Download: New_York-2011-A07636-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
7636
2011-2012 Regular Sessions
I N A S S E M B L Y
May 11, 2011
___________
Introduced by M. of A. SCHIMMINGER -- read once and referred to the
Committee on Ways and Means
AN ACT to amend the tax law, in relation to start-up high technology
companies
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Subparagraph 3 of paragraph (j) of subdivision 12 of
2 section 210 of the tax law, as amended by section 1 of part CC of chap-
3 ter 85 of the laws of 2002, is amended to read as follows:
4 (3) has been subject to tax under this article for more than five
5 taxable years (excluding short taxable years) PROVIDED, HOWEVER, IF THE
6 TAXPAYER IS A START-UP HIGH TECHNOLOGY COMPANY OR A SMALL HIGH TECHNOLO-
7 GY COMPANY PURSUANT TO THE PROVISIONS OF SECTION THIRTY-ONE HUNDRED
8 TWO-E OF THE PUBLIC AUTHORITIES LAW, THE REFERENCE TO "FIVE TAXABLE
9 YEARS" IN THE PRECEDING SENTENCE SHALL BE READ AS "EIGHT TAXABLE YEARS".
10 S 2. This act shall take effect on the first of January next succeed-
11 ing the date on which it shall have become a law and shall apply to
12 taxable years beginning on or after such date.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07931-01-1
