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History
- Print number 3084a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
- Referred to investigations and government operations
Companion bill
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Relates to the employment credit for qualified emerging technology companies
In Assembly Committee · Ways And Means · Sponsor Joseph Morelle
Full text
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Sponsor's memo
Title of bill
An act to amend the tax law, in relation to the employment credit for qualified emerging technology companies
Purpose or general idea of bill
This legislation would increase the existing tax credit for jobs created by small companies engaged in high technology fields.
Summary of specific provisions
The existing credit for full-time jobs created by qualified emerging technology companies (subdivision 12-E of Section 210 and subsection (q) of section 606) is amended to:
* increase the credit from $1,000 to $2,000 per job;
* add a credit of $3,000 for jobs created as the result of the company's commercialization of intellectual property acquired from a university in New York State; and,
* add a credit of $4,000 for hiring new employees that are eligible for the targeted jobs tax credit or for benefits under the Federal Workforce Investment Act as a dislocated worker or low-income individual, are recipients of public assistance benefits, have an income below the U.S. poverty rate, or a veteran.
Justification
Small, young companies that are commercializing new technologies often need significant amounts of capital to finance development, production, and marketing and may not reach profitability for several years. The cash flow problems resulting from this combination of high expenses and no profits limit the start-up and expansion of companies in emerging technology fields and can lead to the early failure of a company developing a new product with good market potential. This bill, by enhancing the refundable tax credit currently authorized for job creation, could help alleviate these firms' cash flow difficulties and, thus, help them to start-up and expand in New York.
Prior legislative history
A.10393 of 2006 A.2404 of 2007/2008 - Passed Assembly (2007)
Fiscal implications
Estimated tax expenditures for this program are $900,000 in fiscal year 2006-07 and $1.8 million when fully implemented.
Effective date
The act would take effect immediately and would apply to taxable years beginning on and after January 1, 2010.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.