S7462-2011 Actions

• Aug 17, 2012: SIGNED CHAP.429
• Aug 6, 2012: DELIVERED TO GOVERNOR
• Jun 19, 2012: returned to senate
• Jun 19, 2012: passed assembly
• Jun 19, 2012: ordered to third reading rules cal.367
• Jun 19, 2012: substituted for a10352
• Jun 11, 2012: referred to ways and means
• Jun 11, 2012: DELIVERED TO ASSEMBLY
• Jun 11, 2012: PASSED SENATE
• Jun 5, 2012: ADVANCED TO THIRD READING
• Jun 4, 2012: 2ND REPORT CAL.
• May 31, 2012: 1ST REPORT CAL.980
• May 22, 2012: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

S7462-2011 Meetings

S7462-2011 Calendars

S7462-2011 Votes

S7462-2011 Memo

BILL NUMBER:S7462

TITLE OF BILL:

An act
to amend the tax law, in relation to extending the authorization for any
city having a population of one million or more to provide a
biotechnology credit against the general corporation tax, unincorporated
business tax, and banking corporation tax of such city

SUMMARY OF PROVISIONS:

The bill amends paragraph 5 of subdivision d of section 1201-a
of the tax law to allow the City of New York to extend its existing
Biotechnology Credit for another three years from January 1, 2013
through December 31, 2015.

JUSTIFICATION:

With 9 world-class research institutions, 26 medical centers, 175
hospitals, and an unparalleled talent pool, New York City has a
natural advantage in the bioscience industry. Yet it lags behind
other cities, such as Boston and San Diego, in the commercialization
of new technologies. The credit targets the first state of
commercialization, where the discoveries of basic science are
investigated for their commercial properties. The credit is part of a
policy to create an industry with sufficient size and density such
that it becomes a good place to make a career in biotech and to
locate the kind of ancillary services that the industry needs. This
credit works in conjunction with the recent development of laboratory
space at the East River Science Park, and BioBAT at the Brooklyn Army
Terminal. These spaces, along with other facilities, provides
approximately 2 million square feet of laboratory space in the City.
The credit is complementary to New York State's Qualified Emerging
Technology Companies Credit. For tax year 2010 the city received 23
applications for $2,050,565 in biotechnology credits.

A taxpayer is entitled to a credit if the company: 1) is a qualified
emerging technology company engaging in biotechnologies, 2) has no
more than one hundred full-time employees, of which at least
seventy-five percent are employed in the city, 3) has a ratio of
research and development funds to net sales of at least six percent,
4) has gross revenues not exceeding twenty million dollars, including
affiliates, and 5) has annual sales not exceeding ten million dollars.

FISCAL IMPLICATIONS:

To be determined.

EFFECTIVE DATE:

Immediately.

S7462-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         7462
 I N  SENATE
 May 22, 2012
 
 Introduced  by  Sen.  GOLDEN -- 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 extending the  authorization
 for  any  city having a population of one million or more to provide a
 biotechnology credit against the general corporation  tax,  unincorpo
 rated business tax, and banking corporation tax of such city
 

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

 

Section 1. Paragraph 5 of subdivision d of section 1201-a of  the  tax
 law,  as added by chapter 453 of the laws of 2009, is amended to read as
 follows:

 5. Any local law adopted pursuant to this subdivision may provide  for
 a  credit  as  authorized  by  this  subdivision  for a maximum of three
 consecutive calendar years, provided, however, that any such credit  may
 not  apply to taxable years beginning before January first, two thousand
 ten or beginning on or after  January  first,  two  thousand  [thirteen]
 SIXTEEN.
 

S 2. This act shall take effect immediately.
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD15867-01-2

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