STATE OF NEW YORK
________________________________________________________________________
3944
2021-2022 Regular Sessions
IN SENATE
February 1, 2021
___________
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 4 of part L of chapter 59 of the laws of
3 2020, 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, if not a green project, the excelsior
10 research and development tax credit shall not exceed [six] twenty
11 percent of the qualified research and development expenditures attribut-
12 able to activities conducted in New York state[, or, if a green project,
13 the excelsior research and development tax credit shall not exceed eight
14 percent of the research and development expenditures attributable to
15 activities conducted in New York state]. If the federal research and
16 development credit has expired, then the research and development
17 expenditures relating to the federal research and development credit
18 shall be calculated as if the federal research and development credit
19 structure and definition in effect in two thousand nine were still in
20 effect. Notwithstanding any other provision of this chapter to the
21 contrary, research and development expenditures in this state, including
22 salary or wage expenses for jobs related to research and development
23 activities in this state, may be used as the basis for the excelsior
24 research and development tax credit component and the qualified emerging
25 technology company facilities, operations and training credit under the
26 tax law.
27 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07727-01-1
