Assembly Bill A3689

2013-2014 Legislative Session

Creates an income tax exemption for resident New Yorkers investing in a New York resident technology or science start-up company

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2013-A3689 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §616-a, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: A6277
2015-2016: A2862
2017-2018: A6933

2013-A3689 (ACTIVE) - Summary

Provides a capital gains and investment income tax exemption for resident New Yorkers investing in a New York resident technology or science start-up company.

2013-A3689 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3689

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            January 28, 2013
                               ___________

Introduced  by  M. of A. KATZ, MILLER, TENNEY, McLAUGHLIN -- Multi-Spon-
  sored by -- M. of A.  BARCLAY, BLANKENBUSH, CROUCH,  GOODELL,  HAWLEY,
  OAKS, PALMESANO -- read once and referred to the Committee on Ways and
  Means

AN  ACT  to  amend the tax law, in relation to providing a capital gains
  and investment income tax exemption for resident New Yorkers investing
  in a New York resident technology or science start-up company

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  The  tax  law is amended by adding a new section 616-a to
read as follows:
  S 616-A. NEW YORK  TECHNOLOGY  AND  SCIENCE  START-UP  INVESTMENT  TAX
EXEMPTION.  (A)  ANY  CAPITAL  GAINS OR INVESTMENT INCOME, AS DEFINED IN
SECTION TWO HUNDRED EIGHT OF THIS CHAPTER, IMPUTED TO A NEW  YORK  STATE
RESIDENT  AS  A  RESULT  OF  INVESTMENTS MADE IN A TECHNOLOGY OR SCIENCE
COMPANY SHALL NOT BE TAXABLE UNDER THIS ARTICLE PROVIDED THE FOLLOWING:
  (1) THE TECHNOLOGY OR SCIENCE COMPANY IS A START-UP COMPANY  THAT  HAS
BEEN IN OPERATION NOT EXCEEDING THREE YEARS; AND
  (2)  THE TECHNOLOGY OR SCIENCE COMPANY IS A RESIDENT OF NEW YORK STATE
AND TRANSACTS BUSINESS IN NEW YORK STATE; AND
  (3) THE TAXPAYER FILING THE INCOME TAX RETURN IS ALSO  A  RESIDENT  OF
NEW YORK STATE.
  (B)  FOR  THE  PURPOSES OF THIS SECTION THE TERM TECHNOLOGY OR SCIENCE
COMPANY SHALL INCLUDE, BUT  NOT  BE  LIMITED  TO  COMPANIES  WORKING  TO
ADVANCE INDUSTRY BASED IN BIOLOGY, CHEMISTRY, COMPUTER SCIENCE, GEOLOGY,
INFORMATION  SCIENCE AND TECHNOLOGY, MATHEMATICS, PHYSICS, BIOCHEMISTRY,
BIOPHYSICS, ENVIRONMENTAL SCIENCE, MATHEMATICS, NATURAL SCIENCE, NEUROS-
CIENCE -  CELLULAR AND MOLECULAR, AND NANOSCIENCE.
  S 2. This act shall take effect immediately and shall  only  apply  to
tax returns filed after such effective date.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07922-01-3

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