Bill > A05136

This bill authorizes the trading of existing but unused research and development tax credits and net operating loss deductions by new or expanding emerging technology and biotechnology companies in New York to other corporations in exchange for private financial assistance. The bill establishes a program where the Department of Taxation and Finance, in cooperation with the Department of Economic Development, will review and approve applications to surrender these unused tax benefits in exchange for private funding to assist the operations of the emerging technology or biotechnology companies. The bill also provides definitions for key terms such as "advanced computing," "biotechnology," and "small New York based high-technology business."