Senate Bill S1472A

2013-2014 Legislative Session

Authorizes the trading of existing but unused research and development credits and existing but unused net operating loss deductions to existing entities

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Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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-S1472 - Details

See Assembly Version of this Bill:
A2144
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Add §§212 & 606-a, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A2818
2011-2012: S4228, A3132
2015-2016: S1574, A4795
2017-2018: S3077, A2172
2019-2020: S4377, A5136
2021-2022: S3285
2023-2024: S4694

2013-S1472 - Summary

Authorizes the trading of existing but unused research and development credits and existing but unused net operating loss deductions to existing corporations and partnerships in return for private assistance; enacts the "Small New York Based High-Technology Business Investment Tax Credit Act".

2013-S1472 - Sponsor Memo

2013-S1472 - Bill Text download pdf

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

                                  1472

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  Sen.  PARKER -- 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 providing for direct private
  assistance to emerging technology companies  through  the  trading  of
  their  existing  but unused research and development credits and their
  existing but unused net operating loss deductions to  existing  corpo-
  rations and partnerships in return for private assistance

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

  Section 1. Short title. This act shall be known and may  be  cited  as
the "Small New York Based High-Technology Business Investment Tax Credit
Act".
  S  2.  The  tax  law is amended by adding a new section 212 to read as
follows:
  S 212. CORPORATION BUSINESS TAX BENEFIT CERTIFICATE TRANSFER  PROGRAM.
1. (A) THE DEPARTMENT SHALL ESTABLISH A CORPORATION BUSINESS TAX BENEFIT
CERTIFICATE TRANSFER PROGRAM TO ALLOW NEW OR EXPANDING EMERGING TECHNOL-
OGY  AND  BIOTECHNOLOGY COMPANIES IN THIS STATE HAVING UNUSED AMOUNTS OF
RESEARCH AND DEVELOPMENT TAX CREDITS  OTHERWISE  ALLOWABLE  PURSUANT  TO
SUBPARAGRAPH  (I)  OF PARAGRAPH (B) OF SUBDIVISION TWELVE OF SECTION TWO
HUNDRED TEN OF THIS ARTICLE, WHICH CANNOT BE APPLIED  FOR  THE  CREDIT'S
TAX YEAR, AND UNUSED NET OPERATING LOSS CARRYOVERS PURSUANT TO PARAGRAPH
(F)  OF SUBDIVISION NINE OF SECTION TWO HUNDRED EIGHT OF THIS ARTICLE TO
SURRENDER THOSE TAX BENEFITS FOR USE BY OTHER  CORPORATIONS  ESTABLISHED
UNDER THE BUSINESS CORPORATION LAW AND SUBJECT TO THE PROVISIONS OF THIS
ARTICLE  IN  EXCHANGE  FOR  PRIVATE  FINANCIAL ASSISTANCE TO BE PROVIDED
THOSE TAXPAYERS  OR  EXPANDING  EMERGING  TECHNOLOGY  AND  BIOTECHNOLOGY
COMPANIES.  SUCH TAXPAYERS SHALL BE PROVIDED WITH A CORPORATION BUSINESS
TAX BENEFIT CERTIFICATE TO BE DEVELOPED BY THE COMMISSIONER.

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

2013-S1472A (ACTIVE) - Details

See Assembly Version of this Bill:
A2144
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Add §§212 & 606-a, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A2818
2011-2012: S4228, A3132
2015-2016: S1574, A4795
2017-2018: S3077, A2172
2019-2020: S4377, A5136
2021-2022: S3285
2023-2024: S4694

2013-S1472A (ACTIVE) - Summary

Authorizes the trading of existing but unused research and development credits and existing but unused net operating loss deductions to existing corporations and partnerships in return for private assistance; enacts the "Small New York Based High-Technology Business Investment Tax Credit Act".

2013-S1472A (ACTIVE) - Sponsor Memo

2013-S1472A (ACTIVE) - Bill Text download pdf

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

                                 1472--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations -- recommitted to the Committee on Investigations  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 providing for direct private
  assistance  to  emerging  technology  companies through the trading of
  their existing but unused research and development credits  and  their
  existing  but  unused net operating loss deductions to existing corpo-
  rations and partnerships in return for private assistance

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

  Section  1.  Short  title. This act shall be known and may be cited as
the "Small New York Based High-Technology Business Investment Tax Credit
Act".
  S 2. The tax law is amended by adding a new section  212  to  read  as
follows:
  S  212. CORPORATION BUSINESS TAX BENEFIT CERTIFICATE TRANSFER PROGRAM.
1. (A) THE DEPARTMENT SHALL ESTABLISH A CORPORATION BUSINESS TAX BENEFIT
CERTIFICATE TRANSFER PROGRAM TO ALLOW NEW OR EXPANDING EMERGING TECHNOL-
OGY AND BIOTECHNOLOGY COMPANIES IN THIS STATE HAVING UNUSED  AMOUNTS  OF
RESEARCH  AND  DEVELOPMENT  TAX  CREDITS OTHERWISE ALLOWABLE PURSUANT TO
SUBPARAGRAPH (I) OF PARAGRAPH (B) OF SUBDIVISION TWELVE OF  SECTION  TWO
HUNDRED  TEN  OF  THIS ARTICLE, WHICH CANNOT BE APPLIED FOR THE CREDIT'S
TAX YEAR, AND UNUSED NET OPERATING LOSS CARRYOVERS PURSUANT TO PARAGRAPH
(F) OF SUBDIVISION NINE OF SECTION TWO HUNDRED EIGHT OF THIS ARTICLE  TO
SURRENDER  THOSE  TAX BENEFITS FOR USE BY OTHER CORPORATIONS ESTABLISHED
UNDER THE BUSINESS CORPORATION LAW AND SUBJECT TO THE PROVISIONS OF THIS
ARTICLE IN EXCHANGE FOR PRIVATE  FINANCIAL  ASSISTANCE  TO  BE  PROVIDED

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

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