S5633B-2011 Actions

• Jun 21, 2011: SUBSTITUTED BY A7705B
• Jun 21, 2011: ORDERED TO THIRD READING CAL.1438
• Jun 21, 2011: COMMITTEE DISCHARGED AND COMMITTED TO RULES
• Jun 15, 2011: PRINT NUMBER 5633B
• Jun 15, 2011: AMEND (T) AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
• Jun 14, 2011: PRINT NUMBER 5633A
• Jun 14, 2011: AMEND (T) AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
• Jun 8, 2011: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

S5633B-2011 Meetings

S5633B-2011 Votes

S5633B-2011 Memo

BILL NUMBER:S5633B

TITLE OF BILL:

An act
to amend the tax law, in relation to qualified emerging technology
company facilities, operations, and training credit

PURPOSE OR GENERAL IDEA OF BILL:

This legislation extends the qualified emerging technology company
facilities, operations and training credit through January 1, 2017.

SUMMARY OF SPECIFIC PROVISIONS:

The Qualified Emerging Technology Company Facilities, Operations and
Training Credit, set out in New York State Tax Law sections 210
(12-G) and 606 (nn) are set to expire December 31, 2011. This
legislation extends these sections of tax law by amending paragraph
(h) of subdivision 12-G of section 210, and paragraph 8 of subsection
(nn) of section 606, of the New York State Tax Law.

This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2012.

JUSTIFICATION:

These parts of New York State Tax Law deal with three tax credits for
small companies and individuals engaged in high technology fields: a
research and development property credit, a qualified research
expenses credit, and a qualified high technology training credit.

This bill extends these parts of Tax Law by amending specific
provisions that allow the credits to expire on December 31,
2011.

PRIOR LEGISLATIVE HISTORY:

None.

FISCAL IMPLICATIONS:

Estimated tax expenditures for this tax credit were $15 million in 2007.

EFFECTIVE DATE:

This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2012.

S5633B-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 5633--B
 2011-2012 Regular Sessions
 I N  SENATE
 June 8, 2011
 
 Introduced  by  Sen.  ALESI  -- read twice and ordered printed, and when
 printed to be committed to the Committee on Investigations and Govern
 ment  Operations  --  committee  discharged,  bill  amended,   ordered
 reprinted  as  amended  and recommitted to said committee -- committee
 discharged, bill amended, ordered reprinted as amended and recommitted
 to said committee
 

AN ACT to amend the tax law, in relation to qualified emerging technolo
 gy company facilities, operations, and training credit
 THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM
 BLY, DO ENACT AS FOLLOWS:

 

Section 1. Paragraph (h) of subdivision 12-G of section 210 of the tax
 law,  as  amended  by section 1-a of part A of chapter 63 of the laws of
 2005, is amended to read as follows:

 (h) The credit allowed under this subdivision shall not be  applicable
 for  taxable  years  beginning  on  or after January first, two thousand
 [twelve] SEVENTEEN.
 

S 2. Paragraph 8 of subsection (nn) of section 606 of the tax law,  as
 amended  by  section 1-a of part A of chapter 63 of the laws of 2005, is
 amended to read as follows:

 (8) The credit allowed under this subsection shall not  be  applicable
 for  taxable  years  beginning  on  or after January first, two thousand
 [twelve] SEVENTEEN.
 

S 3. This act shall take effect immediately and shall apply to taxable
 years beginning on or after January 1, 2012.
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD11013-05-1

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