Bill Text: NY S03306 | 2019-2020 | General Assembly | Introduced
Bill Title: Provides an exemption from the tax on sales and the compensating use tax for equipment, with a purchase price of five hundred dollars or greater, purchased by companies located in college incubator facilities or incubator facilities funded by the state.
Spectrum: Slight Partisan Bill (Republican 3-1)
Status: (Introduced - Dead) 2020-01-08 - REFERRED TO BUDGET AND REVENUE [S03306 Detail]
Download: New_York-2019-S03306-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 3306 2019-2020 Regular Sessions IN SENATE February 5, 2019 ___________ Introduced by Sens. LAVALLE, CARLUCCI, RANZENHOFER, SEWARD -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law, in relation to providing an exemption from the tax on sales and the compensating use tax for certain equipment purchased by companies located in academic incubator facilities The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision (a) of section 1115 of the tax law is amended 2 by adding a new paragraph 45 to read as follows: 3 (45) Equipment with a purchase price of five hundred dollars or great- 4 er purchased by any company located in an incubator facility that is 5 associated with a college, as defined in subdivision two of section two 6 of the education law, or an incubator facility that is funded by the 7 state. Such equipment must be used directly and predominately within 8 such incubator facility. 9 § 2. This act shall take effect September 1, 2019. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD08375-01-9
