Bill Text: NY S01668 | 2013-2014 | General Assembly | Introduced

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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 (Republican 2-0)

Status: (Introduced - Dead) 2014-01-08 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S01668 Detail]

Download: New_York-2013-S01668-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         1668
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                      (PREFILED)
                                    January 9, 2013
                                      ___________
       Introduced by Sens. GRISANTI, MAZIARZ -- read twice and ordered printed,
         and  when  printed  to be committed to the Committee on Investigations
         and Government Operations
       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.
                                                                  LBD04103-01-3