Bill Text: NY A04625 | 2017-2018 | General Assembly | Introduced

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Bill Title: Establishes a tax credit for patent fees not to exceed $1,500.

Spectrum: Partisan Bill (Republican 8-0)

Status: (Introduced - Dead) 2018-06-14 - held for consideration in ways and means [A04625 Detail]

Download: New_York-2017-A04625-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          4625
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    February 3, 2017
                                       ___________
        Introduced  by  M.  of  A.  KOLB, OAKS, WALTER, PALMESANO, RAIA, HAWLEY,
          BARCLAY, BLANKENBUSH -- read once and referred  to  the  Committee  on
          Ways and Means
        AN ACT to amend the tax law, in relation to patent-NY credit
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
     2  subsection (ccc) to read as follows:
     3    (ccc) Patent-NY tax credit. (1) General. A taxpayer shall be allowed a
     4  credit  against  the  tax  imposed  by this article equal to one hundred
     5  percent of patent fees, but not to exceed fifteen hundred dollars.
     6    (2) Definitions. For the purposes of this subsection, the term "patent
     7  fee" shall mean patent application fees, patent search fees, and  patent
     8  examination fees.
     9    (3)  If the amount of the credit allowed under this subsection for any
    10  taxable year shall exceed the taxpayer's tax for such year,  the  excess
    11  shall  be treated as an overpayment of tax to be credited or refunded in
    12  accordance with the provisions of section six hundred eighty-six of this
    13  article, provided, however, no interest shall be paid thereon.
    14    (4) No credit shall be allowed under this subsection to a taxpayer for
    15  any patent fee if the taxpayer claims any other credit under this  arti-
    16  cle for such patent.
    17    § 2. This act shall take effect immediately and shall apply to taxable
    18  years beginning on or after January 1, 2017.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03292-01-7