New York S 303: Relates to investment management services to a partnership or other entity

Bill Text

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S00303 Summary:

BILL NOS00303 

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SAME ASNo Same As

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SPONSORRHOADS

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COSPNSR

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MLTSPNSR

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Amd §355, Ec Dev L

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Enacts the "empire innovation act"; provides that a participant in the excelsior jobs program shall be eligible to claim a credit equal to the portion of the full cost of the participant's research and development expenses incurred that relates to the participant's research and development expenditures in New York state during the taxable year; provided however, if the participant receives a federal research and development tax credit calculated on the full cost of the participant's research and development expenses that relates to the participant's research and development expenditures in New York state during the taxable year, then said participant shall only be eligible to claim a credit equal to fifty percent of the portion of the participant's federal research and development tax credit that relates to the participant's research and development expenditures in New York state during the taxable year.

Go to top S00303 Actions:

BILL NOS00303 

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01/08/2025REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS

01/07/2026REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS

Go to topS00303 Committee&nbspVotes:

Go to topS00303 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS00303 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 303

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sen. RHOADS -- 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 the excels-
 ior 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. This act shall be known and may be cited as the "empire
 2 innovation act".
 3 § 2. Subdivision 3 of section 355 of the economic development law as
 4 amended by chapter 494 of the laws of 2022, is amended to read as
 5 follows:
 6 3. Excelsior research and development tax credit component. A partic-
 7 ipant in the excelsior jobs program shall be eligible to claim a credit
 8 equal to [fifty percent of] the portion of [the participant's federal
 9 research and development tax credit that relates to the participant's
 10 research and development expenditures in New York state during the taxa-
 11 ble year; provided however,] the full cost of the participant's research
 12 and development expenses incurred that relates to the participant's
 13 research and development expenditures in New York state during the taxa-
 14 ble year; provided however, if the participant receives a federal
 15 research and development tax credit calculated on the full cost of the
 16 participant's research and development expenses that relates to the
 17 participant's research and development expenditures in New York state
 18 during the taxable year, then said participant shall only be eligible to
 19 claim a credit equal to fifty percent of the portion of the partic-
 20 ipant's federal research and development tax credit that relates to the
 21 participant's research and development expenditures in New York state
 22 during the taxable year; if not a green project, the excelsior research
 23 and development tax credit shall not exceed six percent of the qualified

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01204-01-5

 S. 303 2

 1 research and development expenditures attributable to activities
 2 conducted in New York state, or, if a green project or a Green CHIPS
 3 project, the excelsior research and development tax credit shall not
 4 exceed eight percent of the research and development expenditures
 5 attributable to activities conducted in New York state. If the federal
 6 research and development credit has expired, then the research and
 7 development expenditures relating to the federal research and develop-
 8 ment credit shall be calculated as if the federal research and develop-
 9 ment credit structure and definition in effect in two