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A4625Assembly2017-2018 Session

Tax Credit for Patent Fees

Official title

“Establishes a tax credit for patent fees”

Sponsor Brian KolbAD-131+7 co-sponsorsAffects Finance
Status
In Assembly Committee
Ways And Means
Impact
6/10
Moderate
Passage
0%

Bill progress

Step 2 of 7

In committee · Ways And Means

What's happening

This bill creates a tax credit in New York for patent application, search, and examination fees up to $1,500.

Why it matters

  1. May lower the financial barrier for individuals and small businesses. seeking to secure patents, potentially encouraging more innovation and invention in New York by making the patent process more affordable.

  2. Refundable nature of the credit. means that even those who owe little or no state income tax can still benefit financially, making the support more accessible to early-stage startups or inventors with low incomes.

  3. Prevents double-dipping by barring use with other patent-related tax credits,. focusing the incentive and ensuring that the same expense isn’t subsidized multiple times, which could help target the benefit to those who need it most.

  4. Applies retroactively to taxable years starting January 1, 2017,. possibly allowing eligible taxpayers to claim credits for recent past expenses, not just future ones, providing immediate financial relief.

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Who cares

Headline styles

Tax Credit for Patent Fees

Plain English, a few words. Used as the page title.

Sponsors

Primary sponsor
Brian Kolb

Assembly Member · Assembly District 131

History

  1. Held for consideration in ways and means
  2. Referred to ways and means
  3. Referred to ways and means

Full text

1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗

STATE OF NEW YORK

4625

2017-2018 Regular Sessions

IN ASSEMBLY

February 3, 2017

Introduced by M. of A. KOLB, OAKS, WALTER, PALMESANO, RAIA, HAWLEY, BARCLAY, BLANKENBUSH -- read once and referred to the Committee on Ways and Means

AN ACT to amend the tax law, in relation to patent-NY credit

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Section 606 of the tax law is amended by adding a new subsection (ccc) to read as follows:

(ccc) Patent-NY tax credit. (1) General. A taxpayer shall be allowed a credit against the tax imposed by this article equal to one hundred percent of patent fees, but not to exceed fifteen hundred dollars.

(2) Definitions. For the purposes of this subsection, the term "patent fee" shall mean patent application fees, patent search fees, and patent examination fees.

(3) If the amount of the credit allowed under this subsection for any taxable year shall exceed the taxpayer's tax for such year, the excess shall be treated as an overpayment of tax to be credited or refunded in accordance with the provisions of section six hundred eighty-six of this article, provided, however, no interest shall be paid thereon.

(4) No credit shall be allowed under this subsection to a taxpayer for any patent fee if the taxpayer claims any other credit under this article for such patent.

§ 2. This act shall take effect immediately and shall apply to taxable years beginning on or after January 1, 2017.

EXPLANATION--Matter in italics (underscored) is new; matter in brackets

[ ] is old law to be omitted.

LBD03292-01-7

Reflowed for reading: line numbers and page breaks removed. Cite the official text.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.