Bill
Bill > S03285
NY S03285
NY S03285Authorizes 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
01/28/2021
01/28/2021
In Committee
01/05/2022
01/05/2022
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 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
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 existing corporations and partnerships in exchange for private financial assistance. The bill establishes a "Corporation Business Tax Benefit Certificate Transfer Program" and a "Noncorporation Tax Benefit Certificate Transfer Program" to facilitate these transactions. The bill also enacts the "Small New York Based High-Technology Business Investment Tax Credit Act" to provide tax incentives for investment in these small technology companies.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
REFERRED TO BUDGET AND REVENUE (on 01/05/2022)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2021/S3285 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S03285&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S03285 |
Loading...