Bill Text: NY S02021 | 2013-2014 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Provides an exemption from the tax on sales and the compensating use tax for equipment, with a purchase price of five hundred dollars or greater, purchased by companies located in college incubator facilities or incubator facilities funded by the state.

Sponsorship: Slight Partisan Bill (Republican 5-2)

Status: (Engrossed - Dead) 2014-02-19 - PRINT NUMBER 2021A [S02021 Detail]

Download: New_York-2013-S02021-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
           S. 2021                                                  A. 1929
                              2013-2014 Regular Sessions
                             S E N A T E - A S S E M B L Y
                                      (PREFILED)
                                    January 9, 2013
                                      ___________
       IN  SENATE  --  Introduced  by  Sens.  LAVALLE, KENNEDY, LARKIN, O'MARA,
         RANZENHOFER -- read twice and ordered printed, and when printed to  be
         committed to the Committee on Investigations and Government Operations
       IN  ASSEMBLY  --  Introduced by M. of A. SCHIMMINGER, SWEENEY, COLTON --
         Multi-Sponsored by -- M. of A. KOLB, MAGEE -- read once  and  referred
         to the Committee on Ways and Means
       AN  ACT to amend the tax law, in relation to providing an exemption from
         the tax on sales and the compensating use tax  for  certain  equipment
         purchased by companies located in academic incubator facilities
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subdivision (a) of section 1115 of the tax law  is  amended
    2  by adding a new paragraph 44 to read as follows:
    3    (44) EQUIPMENT WITH A PURCHASE PRICE OF FIVE HUNDRED DOLLARS OR GREAT-
    4  ER  PURCHASED  BY  ANY  COMPANY LOCATED IN AN INCUBATOR FACILITY THAT IS
    5  ASSOCIATED WITH A COLLEGE, AS DEFINED IN SUBDIVISION TWO OF SECTION  TWO
    6  OF  THE  EDUCATION  LAW,  OR AN INCUBATOR FACILITY THAT IS FUNDED BY THE
    7  STATE. SUCH EQUIPMENT MUST BE USED  DIRECTLY  AND  PREDOMINATELY  WITHIN
    8  SUCH INCUBATOR FACILITY.
    9    S 2. This act shall take effect September 1, 2013.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD03803-01-3