Bill Text: NY S05220 | 2019-2020 | General Assembly | Introduced

Bill Title: Increases the excelsior research and development tax credit maximum from six to twenty percent.

Spectrum: Partisan Bill (Democrat 1-0)


Download: New_York-2019-S05220-Introduced.html

                STATE OF NEW YORK
                               2019-2020 Regular Sessions
                    IN SENATE
                                     April 16, 2019
        Introduced  by  Sen. KENNEDY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Commerce, Economic  Devel-
          opment and Small Business
        AN  ACT to amend the economic development law, in relation to increasing
          the excelsior research and development tax credit
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Subdivision  3 of section 355 of the economic development
     2  law, as amended by section 1 of part YY of chapter 59  of  the  laws  of
     3  2017, is amended to read as follows:
     4    3.  Excelsior research and development tax credit component. A partic-
     5  ipant in the excelsior jobs program shall be eligible to claim a  credit
     6  equal  to  fifty  percent  of  the  portion of the participant's federal
     7  research and development tax credit that relates  to  the  participant's
     8  research and development expenditures in New York state during the taxa-
     9  ble  year;  provided however, the excelsior research and development tax
    10  credit shall not exceed [six] twenty percent of the  qualified  research
    11  and development expenditures attributable to activities conducted in New
    12  York  state. If the federal research and development credit has expired,
    13  then the research and development expenditures relating to  the  federal
    14  research  and  development  credit shall be calculated as if the federal
    15  research and development credit structure and definition  in  effect  in
    16  two  thousand  nine  were  still  in effect.   Notwithstanding any other
    17  provision of this chapter to  the  contrary,  research  and  development
    18  expenditures  in  this state, including salary or wage expenses for jobs
    19  related to research and development activities in  this  state,  may  be
    20  used  as the basis for the excelsior research and development tax credit
    21  component and the  qualified  emerging  technology  company  facilities,
    22  operations and training credit under the tax law.
    23    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.