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Who cares
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Sponsors
1 Co-sponsor
History
- Referred to investigations and government operations
- Print number 2745a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to establishing a targeted human pharmacological project fee credit
Summary of provisions
Section 1 amends the tax law by adding a new section 31, the targeted human pharmacological project fee credit which is a full credit against the costs of approval of a drug by the FDA. The credit is only available when the company begins manufacturing in New York. Section 2 makes the credit available against the corporation franchise tax, Section 3 is a technical amendment, and Section 4 provide s that the credit can be taken against income tax.
Justification
This tax credit will help keep growth companies in New York, and should serve as a major spur to the growth of the biotechnology industry here.
Prior legislative history
2008 - Passed Senate.
Fiscal implications
$10 million a year beginning in SFY 2011-12.
Effective date
Immediately, applying to 2009 tax year.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.