Bill
Bill > S04377
NY S04377
NY S04377Authorizes the trading of existing but unused research and development credits and existing but unused net operating loss deductions to existing corporations and partnerships in return for private assistance; enacts the "Small New York Based High-Technology Business Investment Tax Credit Act".
summary
Introduced
03/11/2019
03/11/2019
In Committee
01/08/2020
01/08/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
2019-2020 General Assembly
Bill Summary
AN ACT to amend the tax law, in relation to providing for direct private assistance to emerging technology companies through the trading of their existing but unused research and development credits and their existing but unused net operating loss deductions to existing corporations and partnerships in return for private assistance The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1
AI Summary
This bill authorizes the trading of existing but unused research and development (R&D) tax credits and net operating loss (NOL) 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 for these tax benefit transfers. The companies receiving the transferred benefits can then use them to offset their own tax liabilities, while the emerging technology and biotechnology companies receive private funding to support their operations and growth in New York.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
REFERRED TO BUDGET AND REVENUE (on 01/08/2020)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Loading...