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S07462 Summary:

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S07462 Floor Votes:

S07462 Text:

 
                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