Bill Text: NY S04138 | 2015-2016 | General Assembly | Amended

---

Bill Title: Creates a biotechnology research and development investment tax credit; provides that such credit shall be the product of fifteen percent and the qualified Bio/Med research and development costs paid or incurred in the state; allows credit for the taxable year in which the qualified Bio/Med research and development activity occurs.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Engrossed - Dead) 2016-06-15 - referred to ways and means [S04138 Detail]

Download: New_York-2015-S04138-Amended.html

---

                STATE OF NEW YORK
        ________________________________________________________________________
                                         4138--A
                               2015-2016 Regular Sessions
                    IN SENATE
                                      March 3, 2015
                                       ___________
        Introduced by Sens. RANZENHOFER, ORTT -- 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 -- committee discharged, bill  amended,  ordered  reprinted  as
          amended and recommitted to said committee
        AN  ACT  to amend the tax law, in relation to the creation of a biotech-
          nology research and development investment tax credit
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section 1. The tax law is amended by adding a new section 24-b to read
     2  as follows:
     3    §  24-b.  Bioscience  and  medical  technology  (Bio/Med) research and
     4  development tax credit.  (a) Definitions. As used in this  section,  the
     5  following terms shall have the following meanings:
     6    (1) "Qualified Bio/Med research and development costs" means qualified
     7  research  expenses and basic research payments as defined in sections 41
     8  (b) and (e) of the internal revenue code, except  it  does  not  include
     9  expenses  incurred  for  qualified  research or basic research conducted
    10  outside of New York state, for purposes of developing a product or phar-
    11  maceutical, instrument,  apparatus,  machine,  contrivance,  implant  or
    12  other similar or related article, including a component part or accesso-
    13  ry that are applicable to the prevention, treatment or cure of a disease
    14  or condition of human beings.
    15    (2) "Qualified Bio/Med company" is a corporation, partnership, limited
    16  partnership  or  other  entity  which  is engaged in the production of a
    17  product or pharmaceutical, instrument, apparatus, machine,  contrivance,
    18  implant  or other similar or related article, including a component part
    19  or accessory that are applicable to the prevention, treatment or cure of
    20  a disease or condition of human beings.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09341-02-6