Senate Bill S1574A

2015-2016 Legislative Session

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

download bill text pdf

Sponsored By

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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

Bill Amendments

2015-S1574 - Details

See Assembly Version of this Bill:
A4795
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
2013-2014: S1472, A2144
2017-2018: S3077, A2172
2019-2020: S4377, A5136
2021-2022: S3285
2023-2024: S4694

2015-S1574 - 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".

2015-S1574 - Sponsor Memo

2015-S1574 - Bill Text download pdf

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

                                  1574

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 13, 2015
                               ___________

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 ONE OF SECTION TWO
HUNDRED TEN-B 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.
                                                           LBD06905-01-5

              

2015-S1574A (ACTIVE) - Details

See Assembly Version of this Bill:
A4795
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
2013-2014: S1472, A2144
2017-2018: S3077, A2172
2019-2020: S4377, A5136
2021-2022: S3285
2023-2024: S4694

2015-S1574A (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".

2015-S1574A (ACTIVE) - Sponsor Memo

2015-S1574A (ACTIVE) - Bill Text download pdf

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

                                 1574--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 13, 2015
                               ___________

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  ONE  OF  SECTION  TWO
HUNDRED  TEN-B OF THIS ARTICLE, WHICH CANNOT BE APPLIED FOR THE CREDIT'S
TAX YEAR, AND UNUSED NET OPERATING LOSS CARRYOVERS PURSUANT  TO  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 EMERG-
ING TECHNOLOGY AND BIOTECHNOLOGY  COMPANIES.  SUCH  TAXPAYERS  SHALL  BE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06905-02-6
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.