New York S 4008: Relates to the establishment of the water-based fire protection licensure act

Bill Text

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S04008 Summary:

BILL NOS04008 

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SAME ASNo Same As

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SPONSORPARKER

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COSPNSR

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MLTSPNSR

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Add §§212 & 606-a, Tax L

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Authorizes the trading of existing but unused research and development credits and existing but unused net operating loss deductions to existing corporations and partnerships in return for private assistance; enacts the "Small New York Based High-Technology Business Investment Tax Credit Act".

Go to top S04008 Actions:

BILL NOS04008 

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01/31/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS04008 Committee&nbspVotes:

Go to topS04008 Floor&nbspVotes:

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

Go to topS04008 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4008

 2025-2026 Regular Sessions

 IN SENATE

 January 31, 2025
 ___________

 Introduced by Sen. PARKER -- read twice and ordered printed, and when
 printed to be committed to the Committee on Budget and Revenue

 AN ACT to amend the tax law, in relation to providing for direct private
 assistance to emerging technology companies through the trading of
 their existing but unused research and development credits and their
 existing but unused net operating loss deductions to existing corpo-
 rations and partnerships in return for private assistance

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "Small New York Based High-Technology Business Investment Tax Credit
 3 Act".
 4 § 2. The tax law is amended by adding a new section 212 to read as
 5 follows:
 6 § 212. Corporation business tax benefit certificate transfer program.
 7 1. (a) The department shall establish a corporation business tax benefit
 8 certificate transfer program to allow new or expanding emerging technol-
 9 ogy and biotechnology companies in this state having unused amounts of
 10 research and development tax credits otherwise allowable pursuant to
 11 subparagraph (i) of paragraph (b) of subdivision one of section two
 12 hundred ten-B of this article, which cannot be applied for the credit's
 13 tax year, and unused net operating loss carryovers pursuant to section
 14 two hundred eight of this article to surrender those tax benefits for
 15 use by other corporations established under the business corporation law
 16 and subject to the provisions of this article in exchange for private
 17 financial assistance to be provided those taxpayers or expanding emerg-
 18 ing technology and biotechnology companies. Such taxpayers shall be
 19 provided with a corporation business tax benefit certificate to be
 20 developed by the commissioner.
 21 (b) The commissioner, in cooperation with the commissioner of economic
 22 development, shall review and approve applications by new or expanding

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07226-01-5

 S. 4008 2

 1 emerging technology and biotechnology companies in this state having
 2 unused but otherwise allowable carryovers of research and development
 3 tax credits and otherwise allowable net operating loss carryovers pursu-
 4 ant to subparagraph (i) of paragraph (b) of subdivision one of section
 5 two hundred ten-B of this article and section two hundred eight, respec-
 6 tively, to surrender those tax benefits in exchange for private finan-
 7 cial assistance to be made to a corporation filing pursuant to this
 8 article, which has obtained a corporation business tax benefit certif-
 9 icate in an amount equal to at least seventy-five percent of the amount
 10 of the surrendered tax benefits.
 11 (c) The commissioner shall calculate the value of the net operating
 12 loss carryover for purposes of the benefit certificate equal to the
 13 amount of the carryover times the applicable business allocation
 14 percentage and tax rate of the emerging technology or biotechnology
 15 company.
 16 (d) The commissioner, in cooperation with the commissioner of economic
 17 development, shall review and approve applications by taxpayers pursuant
 18 to the provisions of this article to acquire surrendered tax benefits
 19 approved purs