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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.

Text

STATE OF NEW YORK
________________________________________________________________________

5633--B

2011-2012 Regular Sessions

IN 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