A01889 Summary:

BILL NOA01889A
 
SAME ASSAME AS S03084-A
 
SPONSORMorelle
 
COSPNSRAlessi, Lupardo
 
MLTSPNSR
 
Amd SS210 & 606, Tax L
 
Relates to the employment credit for qualified emerging technology companies.
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A01889 Actions:

BILL NOA01889A
 
01/14/2009referred to ways and means
01/06/2010referred to ways and means
03/03/2010amend and recommit to ways and means
03/03/2010print number 1889a
07/01/2010held for consideration in ways and means
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A01889 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         1889--A
 
                               2009-2010 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 14, 2009
                                       ___________
 
        Introduced  by M. of A. MORELLE, ALESSI -- read once and referred to the
          Committee on Ways and Means -- recommitted to the  Committee  on  Ways
          and  Means  in  accordance  with  Assembly Rule 3, sec. 2 -- committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to said committee
 

        AN ACT to amend the tax law, in relation to the  employment  credit  for
          qualified emerging technology companies
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Paragraph (d) of subdivision 12-E of section 210 of the tax
     2  law, as added by section 32 of part A of chapter 56 of the laws of 1998,
     3  is amended to read as follows:
     4    (d) The amount of the credit shall equal the sum of:
     5    (1) the product of [one] two thousand  dollars  times  the  number  of
     6  individuals  employed full-time by the taxpayer in the taxable year that
     7  are in excess of one hundred percent of the taxpayer's base year employ-
     8  ment and
     9    (2) the product of three thousand dollars times the number of individ-

    10  uals employed full-time by the taxpayer in the taxable year that are  in
    11  excess  of  one  hundred percent of the taxpayer's base year employment,
    12  provided that such individuals are employed by the taxpayer as a  result
    13  of  the  taxpayer's  commercialization of intellectual property acquired
    14  from a college or university incorporated by the regents of the  univer-
    15  sity of the state of New York, and
    16    (3) the product of four thousand dollars times the number of "targeted
    17  employees",  as defined in subparagraph two of paragraph (b) of subdivi-
    18  sion nineteen of this section  without  regard  to  empire  zone  wages,
    19  employed  full-time  by  the  taxpayer  in  the taxable year that are in

    20  excess of one hundred percent of the taxpayer's base year employment.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04189-03-0

        A. 1889--A                          2
 
     1    § 2. Paragraph 4 of subsection (q) of section 606 of the tax  law,  as
     2  added  by  section  2  of  part I of chapter 407 of the laws of 1999, is
     3  amended to read as follows:
     4    (4) The amount of the credit shall equal the sum of:
     5    (1) the product of [one] two thousand dollars multiplied by the number
     6  of  individuals  employed  full-time by such company in the taxable year
     7  that are in excess of one hundred percent of such  company's  base  year

     8  employment and
     9    (2)  the product of three thousand dollars multiplied by the number of
    10  individuals employed full-time by such company in the taxable year  that
    11  are in excess of one hundred percent of such company's base year employ-
    12  ment,  provided  that such individuals are employed by such company as a
    13  result of such  company's  commercialization  of  intellectual  property
    14  acquired from a college or university incorporated by the regents of the
    15  university of the state of New York, and
    16    (3)  the  product of four thousand dollars multiplied by the number of
    17  "targeted employees", as defined in subparagraph (B) of paragraph two of
    18  subsection (k) of this section without  regard  to  empire  zone  wages,

    19  employed  full-time  by  such  company  in  the taxable year that are in
    20  excess of one hundred percent of such company's base year employment.
    21    § 3. This act shall take effect immediately and shall apply to taxable
    22  years beginning on and after January 1, 2010.
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