Relates to extending the tax credit for biotechnology against the general corporation tax, unincorporated business tax, and banking corporation tax in certain cities.
Ayes (59): Adams, Addabbo, Alesi, Avella, Ball, Bonacic, Breslin, Carlucci, DeFrancisco, Diaz, Dilan, Duane, Farley, Flanagan, Fuschillo, Gallivan, Gianaris, Golden, Griffo, Grisanti, Hannon, Hassell-Thomps, Johnson, Kennedy, Klein, Lanza, Larkin, LaValle, Libous, Little, Marcellino, Martins, Maziarz, McDonald, Montgomery, Nozzolio, O'Mara, Oppenheimer, Parker, Peralta, Perkins, Ranzenhofer, Ritchie, Rivera, Robach, Saland, Sampson, Savino, Serrano, Seward, Skelos, Smith, Squadron, Stavisky, Stewart-Cousin, Storobin, Valesky, Young, Zeldin
Excused (3): Espaillat, Huntley, Krueger
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.
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.
To be determined.
STATE OF NEW YORK ________________________________________________________________________ 7462 IN 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