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