STATE OF NEW YORK
________________________________________________________________________
4625
2017-2018 Regular Sessions
IN ASSEMBLY
February 3, 2017
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Introduced by M. of A. KOLB, OAKS, WALTER, PALMESANO, RAIA, HAWLEY,
BARCLAY, BLANKENBUSH -- 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 (ccc) to read as follows:
3 (ccc) 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, 2017.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD03292-01-7
