Senate Bill S3285

2021-2022 Legislative Session

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

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Sponsored By

Archive: Last Bill Status - In Senate Committee Budget And Revenue 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

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2021-S3285 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Add §§212 & 606-a, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: S4228
2013-2014: S1472
2015-2016: S1574
2017-2018: S3077
2019-2020: S4377
2023-2024: S4694

2021-S3285 (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".

2021-S3285 (ACTIVE) - Sponsor Memo

2021-S3285 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3285
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 28, 2021
                                ___________
 
 Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 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".
   §  2.  The  tax  law is amended by adding a new section 212 to read as
 follows:
   § 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
 PROVIDED WITH A CORPORATION  BUSINESS  TAX  BENEFIT  CERTIFICATE  TO  BE
 DEVELOPED BY THE COMMISSIONER.
   (B) THE COMMISSIONER, IN COOPERATION WITH THE COMMISSIONER OF ECONOMIC
 DEVELOPMENT,  SHALL  REVIEW AND APPROVE APPLICATIONS BY NEW OR EXPANDING
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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