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Bill > S07671
NY S07671
NY S07671Enacts the "empire innovation act"; provides that a participant in the excelsior jobs program shall be eligible to claim a credit equal to the portion of the full cost of the participant's research and development expenses incurred that relates to the participant's research and development expenditures in New York state during the taxable year; provided however, if the participant receives a federal research and development tax credit calculated on the full cost of the participant's research and
summary
Introduced
09/27/2023
09/27/2023
In Committee
01/03/2024
01/03/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to amend the economic development law, in relation to the excelsior research and development tax credit
AI Summary
This bill enacts the "Empire Innovation Act", which amends the Economic Development Law to provide that participants in the Excelsior Jobs Program are eligible to claim a credit equal to the full cost of their research and development (R&D) expenses incurred in New York State during the taxable year. However, if the participant also receives a federal R&D tax credit calculated on the full cost of their R&D expenses, then the state credit is limited to 50% of the portion of the federal credit related to their New York R&D expenditures. The bill also specifies the maximum credit amounts, depending on whether the project is a "green project" or "Green CHIPS project".
Committee Categories
Business and Industry
Sponsors (1)
Last Action
REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS (on 01/03/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2023/S7671 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S07671&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S07671 |
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