Thursday, August 15, 2013

Summary of Budget Bill Corporation Tax Changes Enacted in 2013

This memorandum contains a summary of the corporation tax changes that are part of the 2013-2014 New York State budget. The changes contained in the memorandum are effective for tax years 2013 and after.

This includes New York State Business Incubator and Innovation Hot Spot Support Act (Articles 9-A and 22), Chapter 59
of the Laws of 2013 (Part C) created the New York State Business Incubator and Innovation Hot Spot Support Act (the Act) to support companies in New York State that are in the early stages of development. The Act provides for operating grants and other assistance to New York State incubators and New York State innovation hot spots for the purpose of
developing successful businesses in the state by providing technical assistance, direct mentorship, entrepreneurial education, and business development service s. In addition, new section 38 has been added to the Tax Law to provide for New York State innovation hot spot program tax benefits.

View the entire document.

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