New York S 6866: Increases the excelsior research and development tax credit

Bill Text

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S06866 Summary:

BILL NOS06866 

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SAME ASNo Same As

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SPONSORWEBB

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COSPNSR

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MLTSPNSR

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Amd §355, Ec Dev L

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Increases the excelsior research and development tax credit maximum from six to twenty percent.

Go to top S06866 Actions:

BILL NOS06866 

&nbsp

03/25/2025REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS

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

Go to topS06866 Committee&nbspVotes:

Go to topS06866 Floor&nbspVotes:

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

Go to topS06866 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6866

 2025-2026 Regular Sessions

 IN SENATE

 March 25, 2025
 ___________

 Introduced by Sen. WEBB -- 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 chapter 494 of the laws of 2022, is amended to read
 3 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 or a Green CHIPS project[, the excelsior research and development tax
 14 credit] shall not exceed eight percent of the research and development
 15 expenditures attributable to activities conducted in New York state. If
 16 the federal research and development credit has expired, then the
 17 research and development expenditures relating to the federal research
 18 and development credit shall be calculated as if the federal research
 19 and development credit structure and definition in effect in two thou-
 20 sand nine were still in effect. Notwithstanding any other provision of
 21 this chapter to the contrary, research and development expenditures in
 22 this state, including salary or wage expenses for jobs related to
 23 research and development activities in this state, may be used as the
 24 basis for the excelsior research and development tax credit component
 25 and the qualified emerging technology company facilities, operations and
 26 training credit under the 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.
 LBD09412-01-5

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