Bill > A07935

This bill, known as the "Empire Innovation Act", amends the Economic Development Law to provide that a participant in the Excelsior Jobs Program shall be eligible to claim a credit equal to the full cost of the participant's research and development expenses incurred in New York State during the taxable year. However, if the participant receives a federal research and development tax credit calculated on the full cost of their research and development expenses, they will only be eligible to claim a credit equal to fifty percent of the portion of their federal credit that relates to their New York State research and development expenditures. The bill also specifies that research and development expenditures in New York State, including salary or wage expenses for related jobs, may be used as the basis for the Excelsior Research and Development Tax Credit and the Qualified Emerging Technology Company Facilities, Operations and Training Credit under the Tax Law.

Business and Industry

https://www.nysenate.gov/legislation/bills/2023/A7935