Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 09, 2012 |
referred to investigations and government operations |
Senate Bill S7403
2011-2012 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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
Actions
2011-S7403 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A9958
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd ยงยง606 & 210, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2013-2014:
A975, A8115
2015-2016: A988
2017-2018: A333
2019-2020: A2580
2021-2022: A4090
2011-S7403 (ACTIVE) - Sponsor Memo
BILL NUMBER:S7403 TITLE OF BILL: An act to amend the tax law, in relation to providing for an angel investor tax credit PURPOSE: To institute an angel investor tax credit to incentivize business investments in New York State SUMMARY OF PROVISIONS: Section 1: Amends section 606 of the tax law to establish an angel investor tax credit -Credit will be twenty-five percent of the investment in a qualifying business, but not exceeding two hundred fifty thousand dollars -a qualifying business is one that: (1) has gross revenues of less than one million dollars immediately preceding the year the credit is allowed for; (2) has no more than twen- ty five full time employees, sixty percent of whom must be a NYS resi- dent; (3) has operated in the state for no more than seven consecutive years; (4) has received no more than two million dollars in investments eligible for the credit from one or more than one angel investor
2011-S7403 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7403 I N S E N A T E May 9, 2012 ___________ Introduced by Sen. ROBACH -- 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 providing for an angel investor tax credit THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 606 of the tax law is amended by adding a new subsection (uu) to read as follows: (UU) ANGEL INVESTOR CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER, WHO IS AN ANGEL INVESTOR, AS DEFINED BY SUBPARAGRAPH (II) OF PARAGRAPH THREE OF THIS SUBSECTION, SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS HEREIN- AFTER PROVIDED, AGAINST THE TAX IMPOSED BY THIS ARTICLE, FOR INVESTING TWENTY-FIVE THOUSAND DOLLARS OR MORE IN A QUALIFYING BUSINESS. THE AMOUNT OF THE CREDIT SHALL BE TWENTY-FIVE PERCENT OF THE INVESTMENT IN THE QUALIFYING BUSINESS UP TO BUT NOT EXCEEDING TWO HUNDRED FIFTY THOU- SAND DOLLARS. (2) APPLICATION OF CREDIT. IF THE AMOUNT OF CREDIT ALLOWABLE UNDER THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS MAY BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS, AND MAY BE DEDUCTED FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS. (3) DEFINITIONS. FOR PURPOSES OF THE CREDIT DESCRIBED IN THIS SUBSECTION: (I) "QUALIFYING BUSINESS" SHALL MEAN A BUSINESS ENTERPRISE, INCLUDING A SOLE PROPRIETORSHIP, PARTNERSHIP OR CORPORATION THAT: (A) HAS NOT YET GENERATED REVENUE OR HAS GROSS REVENUES, ALONG WITH THE GROSS REVENUES OF ITS AFFILIATES AND RELATED MEMBERS, NOT EXCEEDING ONE MILLION DOLLARS FOR THE TAXABLE YEAR IMMEDIATELY PRECEDING THE YEAR THE TAXPAYER IS ALLOWED A CREDIT UNDER THIS SUBSECTION. FOR PURPOSES OF THIS PARAGRAPH, THE TERM "RELATED MEMBER" SHALL HAVE THE SAME MEANING AS SET FORTH IN CLAUSES (A) AND (B) OF SUBPARAGRAPH ONE OF PARAGRAPH (O) OF SUBDIVISION NINE OF SECTION TWO HUNDRED EIGHT OF THIS CHAPTER, AND THE TERM "AFFILIATES" SHALL MEAN THOSE CORPORATIONS THAT ARE MEMBERS OF THE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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