Relates to extending the tax credit for biotechnology against the general corporation tax, unincorporated business tax, and banking corporation tax in certain cities.
STATE OF NEW YORK
________________________________________________________________________
7462
IN SENATE
May 22, 2012
___________
Introduced by Sen. GOLDEN -- read twice and ordered printed, and when
printed to be committed to the Committee on Investigations and Govern-
ment Operations
AN ACT to amend the tax law, in relation to extending the authorization
for any city having a population of one million or more to provide a
biotechnology credit against the general corporation tax, unincorpo-
rated business tax, and banking corporation tax of such city
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph 5 of subdivision d of section 1201-a of the tax
2 law, as added by chapter 453 of the laws of 2009, is amended to read as
3 follows:
4 5. Any local law adopted pursuant to this subdivision may provide for
5 a credit as authorized by this subdivision for a maximum of three
6 consecutive calendar years, provided, however, that any such credit may
7 not apply to taxable years beginning before January first, two thousand
8 ten or beginning on or after January first, two thousand [thirteen]
9 sixteen.
10 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15867-01-2
