Relates to tax credits for start-up high technology companies to allow such companies in existence for 8 or less taxable years to receive refunds of unused investment tax credit carry forwards.
STATE OF NEW YORK
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7636
2011-2012 Regular Sessions
IN ASSEMBLY
May 11, 2011
___________
Introduced by M. of A. SCHIMMINGER -- read once and referred to the
Committee on Ways and Means
AN ACT to amend the tax law, in relation to start-up high technology
companies
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subparagraph 3 of paragraph (j) of subdivision 12 of
2 section 210 of the tax law, as amended by section 1 of part CC of chap-
3 ter 85 of the laws of 2002, is amended to read as follows:
4 (3) has been subject to tax under this article for more than five
5 taxable years (excluding short taxable years) provided, however, if the
6 taxpayer is a start-up high technology company or a small high technolo-
7 gy company pursuant to the provisions of section thirty-one hundred
8 two-e of the public authorities law, the reference to "five taxable
9 years" in the preceding sentence shall be read as "eight taxable years".
10 § 2. This act shall take effect on the first of January next succeed-
11 ing the date on which it shall have become a law and shall apply to
12 taxable years beginning on or after such date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07931-01-1
