Bill Text: NY A01012 | 2019-2020 | General Assembly | Introduced

Bill Title: Establishes a tax credit for patent fees not to exceed $1,500.

Spectrum: Partisan Bill (Republican 6-0)

Status: (Introduced) 2019-01-14 - referred to ways and means [A01012 Detail]

Download: New_York-2019-A01012-Introduced.html

                STATE OF NEW YORK
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    January 14, 2019
        Introduced  by M. of A. KOLB, PALMESANO, RAIA, HAWLEY, BARCLAY, BLANKEN-
          BUSH -- read once and referred to the Committee on Ways and Means
        AN ACT to amend the tax law, in relation to patent-NY credit
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Section  606  of  the  tax law is amended by adding a new
     2  subsection (jjj) to read as follows:
     3    (jjj) Patent-NY tax credit. (1) General. A taxpayer shall be allowed a
     4  credit against the tax imposed by this  article  equal  to  one  hundred
     5  percent of patent fees, but not to exceed fifteen hundred dollars.
     6    (2) Definitions. For the purposes of this subsection, the term "patent
     7  fee"  shall mean patent application fees, patent search fees, and patent
     8  examination fees.
     9    (3) If the amount of the credit allowed under this subsection for  any
    10  taxable  year  shall exceed the taxpayer's tax for such year, the excess
    11  shall be treated as an overpayment of tax to be credited or refunded  in
    12  accordance with the provisions of section six hundred eighty-six of this
    13  article, provided, however, no interest shall be paid thereon.
    14    (4) No credit shall be allowed under this subsection to a taxpayer for
    15  any  patent fee if the taxpayer claims any other credit under this arti-
    16  cle for such patent.
    17    § 2. This act shall take effect immediately and shall apply to taxable
    18  years beginning on or after January 1, 2019.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.