New York Assembly Bill 7935

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on August 4 2023 - 25% progression
Action: 2024-01-03 - referred to economic development
Pending: Assembly Economic Development, Job Creation, Commerce and Industry Committee
Text: Latest bill text (Introduced) [HTML]

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.

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.

Asm. Jacob Blumencranz [R]

Date	Chamber	Action
2024-01-03	Assembly	referred to economic development
2023-08-04	Assembly	referred to economic development

S07671 (Same As) 2024-01-03 - REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS

Type	Source
Summary	https://www.nysenate.gov/legislation/bills/2023/A7935
Text	https://assembly.state.ny.us/leg/?default_fld=&bn=A07935&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A07935