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Sponsors
1 Co-sponsor
History
- Signed chap.429
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.367
- Substituted for A10352
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 59–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.980
Show 1 earlier action
- 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.
Extends the authorization of New York City to provide a biotechnology credit against certain city taxes
Assembly Floor Calendar · Sponsor David Weprin
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7462
Title of bill
An act to amend the tax law, in relation to extending the authorization for any city having a population of one million or more to provide a biotechnology credit against the general corporation tax, unincorporated business tax, and banking corporation tax of such city
Summary of provisions
The bill amends paragraph 5 of subdivision d of section 1201-a of the tax law to allow the City of New York to extend its existing Biotechnology Credit for another three years from January 1, 2013 through December 31, 2015.
Justification
With 9 world-class research institutions, 26 medical centers, 175 hospitals, and an unparalleled talent pool, New York City has a natural advantage in the bioscience industry. Yet it lags behind other cities, such as Boston and San Diego, in the commercialization of new technologies. The credit targets the first state of commercialization, where the discoveries of basic science are investigated for their commercial properties. The credit is part of a policy to create an industry with sufficient size and density such that it becomes a good place to make a career in biotech and to locate the kind of ancillary services that the industry needs. This credit works in conjunction with the recent development of laboratory space at the East River Science Park, and BioBAT at the Brooklyn Army Terminal. These spaces, along with other facilities, provides approximately 2 million square feet of laboratory space in the City. The credit is complementary to New York State's Qualified Emerging Technology Companies Credit. For tax year 2010 the city received 23 applications for $2,050,565 in biotechnology credits.
A taxpayer is entitled to a credit if the company: 1) is a qualified emerging technology company engaging in biotechnologies, 2) has no more than one hundred full-time employees, of which at least seventy-five percent are employed in the city, 3) has a ratio of research and development funds to net sales of at least six percent, 4) has gross revenues not exceeding twenty million dollars, including affiliates, and 5) has annual sales not exceeding ten million dollars.
Fiscal implications
To be determined.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.