Bill Text: NY S03828 | 2017-2018 | General Assembly | Amended
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.
Spectrum: Moderate Partisan Bill (Republican 6-1)
Status: (Engrossed - Dead) 2018-06-04 - referred to ways and means [S03828 Detail]
Download: New_York-2017-S03828-Amended.html
STATE OF NEW YORK ________________________________________________________________________ S. 3828--A A. 3330--A Cal. No. 1340 2017-2018 Regular Sessions SENATE - ASSEMBLY January 27, 2017 ___________ IN SENATE -- Introduced by Sens. LAVALLE, CARLUCCI, GOLDEN, LARKIN, MURPHY, RANZENHOFER, SEWARD -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations -- recommitted to the Committee on Investi- gations and Government Operations in accordance with Senate Rule 6, sec. 8 -- reported favorably from said committee and committed to the Committee on Finance -- reported favorably from said committee, ordered to first report, amended on first report, ordered to a second report and ordered reprinted, retaining its place in the order of second report IN ASSEMBLY -- Introduced by M. of A. SCHIMMINGER, COLTON -- Multi-Spon- sored by -- M. of A. KOLB, MAGEE -- read once and referred to the Committee on Ways and Means -- recommitted to the Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee 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 45 to read as follows: 3 (45) 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 § 2. This act shall take effect September 1, 2018. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD07985-02-8