Assembly Bill A9141A

2013-2014 Legislative Session

Establishes an angel tax credit for investors who invest in certified startup business enterprises

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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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Bill Amendments

2013-A9141 - Details

Current Committee:
Assembly Ways And Means
Law Section:
General Municipal Law
Laws Affected:
Add §959-c, Gen Muni L; amd §§210, 606, 1456 & 1511, Tax L

2013-A9141 - Summary

Establishes an angel tax credit for investors who invest in certified startup business enterprises.

2013-A9141 - Bill Text download pdf

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

                                  9141

                          I N  A S S E M B L Y

                             March 20, 2014
                               ___________

Introduced  by M. of A. LUPARDO -- read once and referred to the Commit-
  tee on Ways and Means

AN ACT to amend the general municipal law and the tax law,  in  relation
  to  establishing  an  angel  tax  credit for investments made in small
  businesses

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

  Section  1.  The  general  municipal  law  is  amended by adding a new
section 959-c to read as follows:
  S 959-C. CERTIFIED STARTUP BUSINESS ENTERPRISE. (A) CERTIFICATION. (I)
THE COMMISSIONER SHALL APPROVE APPLICATIONS FOR QUALIFICATION OF A BUSI-
NESS ENTERPRISE AS A CERTIFIED STARTUP BUSINESS ENTERPRISE. AS A  CONDI-
TION FOR APPROVAL OF SUCH APPLICATION, THE COMMISSIONER IS AUTHORIZED TO
SPECIFY CERTAIN REQUIREMENTS TO BE SATISFIED AS A CONDITION FOR APPROVAL
OF  A  BUSINESS ENTERPRISE AS A CERTIFIED STARTUP BUSINESS ENTERPRISE AS
THE COMMISSIONER DEEMS NECESSARY TO ENSURE THE QUALIFYING ANGEL  INVEST-
MENT WILL MAKE A SUBSTANTIAL CONTRIBUTION TO THE ECONOMIC DEVELOPMENT OF
THIS  STATE,  INCLUDING  THE  USE  OF  A SYSTEM OF EVALUATION OF VARIOUS
APPLICANT BUSINESS ENTERPRISES IN A COMPETITIVE FASHION.
  (II) WITH RESPECT TO AN APPROVED APPLICATION FOR  QUALIFICATION  OF  A
BUSINESS  ENTERPRISE  AS  A  CERTIFIED  STARTUP BUSINESS ENTERPRISE, THE
COMMISSIONER SHALL ISSUE TO SUCH BUSINESS ENTERPRISE  A  CERTIFICATE  OF
QUALIFICATION  AS  A CERTIFIED STARTUP BUSINESS ENTERPRISE SETTING FORTH
THE EFFECTIVE DATE OF THE CERTIFICATION AND  THE  AMOUNT  OF  QUALIFYING
ANGEL INVESTMENT AWARDED TO SUCH BUSINESS ENTERPRISE, WHICH AMOUNT SHALL
BE  NO  LESS  THAN  ONE  HUNDRED  THOUSAND  DOLLARS AND NO MORE THAN ONE
MILLION DOLLARS.
  (III) FOR THE PERIOD JULY FIRST, TWO THOUSAND  FOURTEEN  THROUGH  JUNE
THIRTIETH,  TWO  THOUSAND  FIFTEEN,  THE  COMMISSIONER MAY CERTIFY UP TO
SEVEN MILLION DOLLARS IN QUALIFYING ANGEL  INVESTMENT.  FOR  THE  PERIOD
JULY  FIRST,  TWO  THOUSAND FIFTEEN THROUGH JUNE THIRTIETH, TWO THOUSAND
SIXTEEN, THE COMMISSIONER MAY CERTIFY UP TO  SEVEN  MILLION  DOLLARS  IN
QUALIFYING  ANGEL  INVESTMENT.  FOR  THE PERIOD JULY FIRST, TWO THOUSAND

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07810-04-4
              

2013-A9141A (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
General Municipal Law
Laws Affected:
Add §959-c, Gen Muni L; amd §§210, 606, 1456 & 1511, Tax L

2013-A9141A (ACTIVE) - Summary

Establishes an angel tax credit for investors who invest in certified startup business enterprises.

2013-A9141A (ACTIVE) - Bill Text download pdf

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

                                 9141--A

                          I N  A S S E M B L Y

                             March 20, 2014
                               ___________

Introduced  by M. of A. LUPARDO -- read once and referred to the Commit-
  tee on Ways and Means -- committee discharged, bill  amended,  ordered
  reprinted as amended and recommitted to said committee

AN  ACT  to amend the general municipal law and the tax law, in relation
  to establishing an angel tax credit  for  investments  made  in  small
  businesses

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

  Section 1. The general municipal  law  is  amended  by  adding  a  new
section 959-c to read as follows:
  S 959-C. CERTIFIED STARTUP BUSINESS ENTERPRISE. (A) CERTIFICATION. (I)
THE COMMISSIONER SHALL APPROVE APPLICATIONS FOR QUALIFICATION OF A BUSI-
NESS  ENTERPRISE AS A CERTIFIED STARTUP BUSINESS ENTERPRISE. AS A CONDI-
TION FOR APPROVAL OF SUCH APPLICATION, THE COMMISSIONER IS AUTHORIZED TO
SPECIFY CERTAIN REQUIREMENTS TO BE SATISFIED AS A CONDITION FOR APPROVAL
OF A BUSINESS ENTERPRISE AS A CERTIFIED STARTUP BUSINESS  ENTERPRISE  AS
THE  COMMISSIONER DEEMS NECESSARY TO ENSURE THE QUALIFYING ANGEL INVEST-
MENT WILL MAKE A SUBSTANTIAL CONTRIBUTION TO THE ECONOMIC DEVELOPMENT OF
THIS STATE, INCLUDING THE USE OF  A  SYSTEM  OF  EVALUATION  OF  VARIOUS
APPLICANT BUSINESS ENTERPRISES IN A COMPETITIVE FASHION.
  (II)  WITH  RESPECT  TO AN APPROVED APPLICATION FOR QUALIFICATION OF A
BUSINESS ENTERPRISE AS A  CERTIFIED  STARTUP  BUSINESS  ENTERPRISE,  THE
COMMISSIONER  SHALL  ISSUE  TO SUCH BUSINESS ENTERPRISE A CERTIFICATE OF
QUALIFICATION AS A CERTIFIED STARTUP BUSINESS ENTERPRISE  SETTING  FORTH
THE  EFFECTIVE  DATE  OF  THE CERTIFICATION AND THE AMOUNT OF QUALIFYING
ANGEL INVESTMENT AWARDED TO SUCH BUSINESS ENTERPRISE, WHICH AMOUNT SHALL
BE NO LESS THAN ONE HUNDRED  THOUSAND  DOLLARS  AND  NO  MORE  THAN  ONE
MILLION DOLLARS.
  (III)  FOR  THE  PERIOD JULY FIRST, TWO THOUSAND FOURTEEN THROUGH JUNE
THIRTIETH, TWO THOUSAND FIFTEEN, THE  COMMISSIONER  MAY  CERTIFY  UP  TO
SEVEN  MILLION  DOLLARS  IN  QUALIFYING ANGEL INVESTMENT. FOR THE PERIOD
JULY FIRST, TWO THOUSAND FIFTEEN THROUGH JUNE  THIRTIETH,  TWO  THOUSAND
SIXTEEN,  THE  COMMISSIONER  MAY  CERTIFY UP TO SEVEN MILLION DOLLARS IN
QUALIFYING ANGEL INVESTMENT. FOR THE PERIOD  JULY  FIRST,  TWO  THOUSAND

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

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