Assembly Bill A7935

2023-2024 Legislative Session

Relates to the excelsior research and development tax credit

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Current 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

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2023-A7935 (ACTIVE) - Details

See Senate Version of this Bill:
S7671
Current Committee:
Assembly Economic Development
Law Section:
Economic Development Law
Laws Affected:
Amd §355, Ec Dev L

2023-A7935 (ACTIVE) - Summary

Enacts the "empire innovation act"; provides that a participant in the excelsior jobs program shall be eligible to claim a credit equal to the portion of the full cost of the participant's research and development expenses incurred that relates to the participant's research and development expenditures in New York state during the taxable year; provided however, if the participant receives a federal research and development tax credit calculated on the full cost of the participant's research and development expenses that relates to the participant's research and development expenditures in New York state during the taxable year, then said participant shall only be eligible to claim a credit equal to fifty percent of the portion of the participant's federal research and development tax credit that relates to the participant's research and development expenditures in New York state during the taxable year.

2023-A7935 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7935
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              August 4, 2023
                                ___________
 
 Introduced  by  M.  of  A.  BLUMENCRANZ -- read once and referred to the
   Committee on Economic Development
 
 AN ACT to amend the economic development law, in relation to the excels-
   ior research and development tax credit
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  This  act  shall be known and may be cited as the "empire
 innovation act".
   § 2. Subdivision 3 of section 355 of the economic development  law  as
 amended  by  chapter  494  of  the  laws  of 2022, is amended to read as
 follows:
   3. Excelsior research and development tax credit component. A  partic-
 ipant  in the excelsior jobs program shall be eligible to claim a credit
 equal to [fifty percent of] the portion of  [the  participant's  federal
 research  and  development  tax credit that relates to the participant's
 research and development expenditures in New York state during the taxa-
 ble year; provided however,] THE FULL COST OF THE PARTICIPANT'S RESEARCH
 AND DEVELOPMENT EXPENSES INCURRED  THAT  RELATES  TO  THE  PARTICIPANT'S
 RESEARCH AND DEVELOPMENT EXPENDITURES IN NEW YORK STATE DURING THE TAXA-
 BLE  YEAR;  PROVIDED  HOWEVER,  IF  THE  PARTICIPANT  RECEIVES A FEDERAL
 RESEARCH AND DEVELOPMENT TAX CREDIT CALCULATED ON THE FULL COST  OF  THE
 PARTICIPANT'S  RESEARCH  AND  DEVELOPMENT  EXPENSES  THAT RELATES TO THE
 PARTICIPANT'S RESEARCH AND DEVELOPMENT EXPENDITURES IN  NEW  YORK  STATE
 DURING THE TAXABLE YEAR, THEN SAID PARTICIPANT SHALL ONLY BE ELIGIBLE TO
 CLAIM  A  CREDIT  EQUAL  TO  FIFTY PERCENT OF THE PORTION OF THE PARTIC-
 IPANT'S FEDERAL RESEARCH AND DEVELOPMENT TAX CREDIT THAT RELATES TO  THE
 PARTICIPANT'S  RESEARCH  AND  DEVELOPMENT EXPENDITURES IN NEW YORK STATE
 DURING THE TAXABLE YEAR; if not a green project, the excelsior  research
 and development tax credit shall not exceed six percent of the qualified
 research   and   development  expenditures  attributable  to  activities
 conducted in New York state, or, if a green project  or  a  Green  CHIPS
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11906-02-3

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