Assembly Bill A4795A

2015-2016 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

Bill Amendments

co-Sponsors

2015-A4795 - Details

See Senate Version of this Bill:
S1574
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §§212 & 606-a, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A2818
2011-2012: A3132, S4228
2013-2014: A2144, S1472
2017-2018: A2172, S3077
2019-2020: A5136, S4377
2021-2022: S3285
2023-2024: S4694

2015-A4795 - 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".

2015-A4795 - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4795

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            February 6, 2015
                               ___________

Introduced by M. of A. SCHIMMINGER, MAGNARELLI -- read once and referred
  to the Committee on Ways and Means

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".
  S 2. The tax law is amended by adding a new section  212  to  read  as
follows:
  S  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 PARAGRAPH
(F) OF SUBDIVISION NINE OF 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  EMERGING  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.
                                                           LBD06905-01-5
              

co-Sponsors

2015-A4795A (ACTIVE) - Details

See Senate Version of this Bill:
S1574
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §§212 & 606-a, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A2818
2011-2012: A3132, S4228
2013-2014: A2144, S1472
2017-2018: A2172, S3077
2019-2020: A5136, S4377
2021-2022: S3285
2023-2024: S4694

2015-A4795A (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".

2015-A4795A (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 4795--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            February 6, 2015
                               ___________

Introduced by M. of A. SCHIMMINGER, MAGNARELLI -- read once and referred
  to  the Committee on Ways and Means -- recommitted to the Committee on
  Ways and Means in accordance with Assembly Rule 3, sec. 2 -- committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

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".
  S  2.  The  tax  law is amended by adding a new section 212 to read as
follows:
  S 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06905-03-6

              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.