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History
- Substituted by A7705B
- Ordered to third reading cal.1438
- Committee discharged and committed to rules
- Print number 5633b
- Amend (t) and recommit to investigations and government operations
- Print number 5633a
- Amend (t) and recommit to investigations and government operations
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Makes permanent the qualified emerging technology company facilities, operations and training credit; repealer
Vetoed · Sponsor Donna Lupardo
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5633B
Title of bill
An act to amend the tax law, in relation to qualified emerging technology company facilities, operations, and training credit
Purpose or general idea of bill
This legislation extends the qualified emerging technology company facilities, operations and training credit through January 1, 2017.
Summary of specific provisions
The Qualified Emerging Technology Company Facilities, Operations and Training Credit, set out in New York State Tax Law sections 210 (12-G) and 606 (nn) are set to expire December 31, 2011. This legislation extends these sections of tax law by amending paragraph (h) of subdivision 12-G of section 210, and paragraph 8 of subsection (nn) of section 606, of the New York State Tax Law.
This act shall take effect immediately and shall apply to taxable years beginning on or after January 1, 2012.
Justification
These parts of New York State Tax Law deal with three tax credits for small companies and individuals engaged in high technology fields: a research and development property credit, a qualified research expenses credit, and a qualified high technology training credit.
This bill extends these parts of Tax Law by amending specific provisions that allow the credits to expire on December 31, 2011.
Prior legislative history
None.
Fiscal implications
Estimated tax expenditures for this tax credit were $15 million in 2007.
Effective date
This act shall take effect immediately and shall apply to taxable years beginning on or after January 1, 2012.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.