Bill Text: NY S07462 | 2011-2012 | General Assembly | Introduced
Bill Title: Relates to extending the tax credit for biotechnology against the general corporation tax, unincorporated business tax, and banking corporation tax in certain cities.
Spectrum: Bipartisan Bill
Status: (Passed) 2012-08-17 - SIGNED CHAP.429 [S07462 Detail]
Download: New_York-2011-S07462-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 7462 I N S E N A T E May 22, 2012 ___________ Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to extending the authorization for any city having a population of one million or more to provide a biotechnology credit against the general corporation tax, unincorpo- rated business tax, and banking corporation tax of such city THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. Paragraph 5 of subdivision d of section 1201-a of the tax 2 law, as added by chapter 453 of the laws of 2009, is amended to read as 3 follows: 4 5. Any local law adopted pursuant to this subdivision may provide for 5 a credit as authorized by this subdivision for a maximum of three 6 consecutive calendar years, provided, however, that any such credit may 7 not apply to taxable years beginning before January first, two thousand 8 ten or beginning on or after January first, two thousand [thirteen] 9 SIXTEEN. 10 S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD15867-01-2