S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         1997
                              2009-2010 Regular Sessions
                                   I N  S E N A T E
                                   February 10, 2009
                                      ___________
       Introduced by Sens. LAVALLE, ALESI, DIAZ, GOLDEN, LARKIN, SEWARD, VOLKER
         -- read twice and ordered printed, and when printed to be committed to
         the Committee on Investigations and Government Operations
       AN  ACT to amend the tax law, in relation to providing an exemption from
         the tax on sales and the compensating use tax  for  certain  equipment
         purchased by companies located in academic incubator facilities
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subdivision (a) of section 1115 of the tax law  is  amended
    2  by adding a new paragraph 44 to read as follows:
    3    (44) EQUIPMENT WITH A PURCHASE PRICE OF FIVE HUNDRED DOLLARS OR GREAT-
    4  ER  PURCHASED  BY  ANY  COMPANY LOCATED IN AN INCUBATOR FACILITY THAT IS
    5  ASSOCIATED WITH A COLLEGE, AS DEFINED IN SUBDIVISION TWO OF SECTION  TWO
    6  OF  THE  EDUCATION  LAW,  OR AN INCUBATOR FACILITY THAT IS FUNDED BY THE
    7  STATE. SUCH EQUIPMENT MUST BE USED  DIRECTLY  AND  PREDOMINATELY  WITHIN
    8  SUCH INCUBATOR FACILITY.
    9    S 2. This act shall take effect September 1, 2009.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD03796-01-9