Bill > S04694

This bill establishes a Corporation Business Tax Benefit Certificate Transfer Program and a Noncorporation Tax Benefit Certificate Transfer Program. These programs allow new or expanding emerging technology and biotechnology companies in New York to surrender their unused research and development tax credits and net operating loss deductions in exchange for private financial assistance. The programs aim to encourage private investment in these companies by allowing other corporations and taxpayers to acquire the surrendered tax benefits in the form of certificates. The bill also defines various terms related to these programs, such as "advanced computing," "biotechnology," and "small New York based high-technology business." The bill will take effect immediately and apply to taxable years starting on or after January 1, 2024.