Biotechnology Tax Credit Application - New York Department Of Finance (Page 8 of 8) in pdf

Biotechnology Credit application for General Corporation tax, Business Corporation tax and unincorporated Business tax - Instructions

page 5

Part 3 - Qualified high-technology training expendi-

• capital expenditures

tures credit component

• test and evaluation once a prototype becomes a pro-

duction model

Enter in column E the amount of qualified high-technology

• patent expense

training expenditures (as defined on page 3) paid or

• income taxes and interest

incurred by the taxpayer in the calendar year that ends with

or within the taxable year for which the credit is claimed.

Line 8 - the specified percentage is 2.9%. lines 9 through

13 are only relevant in a year when the percentage speci-

the amount of the credit is 100% of the training expenses,

fied for line 8 is greater than 6%. (See Note above).

subject to a limitation of $4,000 per employee per year.

Primary products and services

If a taxpayer relocates from an academic business incubator

line 9 - If the company has products or services that are

facility partnered with an accredited post-secondary educa-

included in the definition of emerging technologies, mark

tion institution located within city, which provides space and

an X in the Yes box and enter the description of the com-

business support services to taxpayers, to another site, the

pany’s products or services. If not, mark the No box.

credit shall be allowed for all qualified high -technology train-

ing expenditures paid or incurred in the two preceding calen-

SCHEDULE B - Credit eligibility requirements

dar years that the taxpayer was located in such an incubator

facility for employees of the taxpayer who also relocate from

Part 1 - Employment

said incubator facility to such city site and are employed and

Line 14 - add the number of full-time employees in New

primarily located by the taxpayer in city. Such expenditures in

York City and elsewhere on march 31, June 30,

the two preceding years shall be added to the amounts oth-

September 30, and december 31 for the calendar year

erwise qualifying for the credit that were paid or incurred in the

ending with or within the tax year for which the credit is

calendar year that the taxpayer relocates from such a facility.

claimed and divide by the number of those dates on

Such expenditures shall include expenses paid for an eligible

which you had employees to obtain the number of full

employee who is a full-time, full-year employee of said tax-

time employees to enter on line 14.

payer during the calendar year that the taxpayer relocated

from an incubator facility notwithstanding (i) that such employ-

Part 2 - Research and development activities

ee was employed full or part-time as an officer, staff-person or

Line 19 - Enter the amount paid or incurred in the con-

paid intern of the taxpayer when such taxpayer was located

duct of research and development activities during the

at such incubator facility or (ii) that such employee was not

calendar year that ends with or within the taxable year for

continuously employed as provided in the definition of "quali-

which the credit is claimed (see line 5 instructions).

fied high-technology training expenditures" in these instruc-

tions, provided such employee received wages or equivalent

Part 3 - Gross revenues

income for at least seven hundred fifty hours during any twen-

ty-four month period when the taxpayer was located at the

Line 23 - See General definitions on page 2 for defini-

incubator facility. Such expenditures shall include payments

tions of related members and affiliates.

made to such employee after the taxpayer has relocated from

SCHEDULE C - Computation of credit component

the incubator facility for qualified expenditures if such pay-

amounts

ments are made to reimburse an employee for expenditures

paid by the employee during such two preceding years.

Part 1 - Research and development property credit

component

SCHEDULE D - Credit limitation

Enter in column C the cost or other basis for federal

Line 28 - The total amount of credit allowable to a tax-

income tax purposes of research and development

payer cannot exceed $250,000 per year.

property as defined on page 3 acquired during the cal-

endar year that ends with or within the taxable year for

Line 29 - Enter the lesser of line 27 or line 28.

which the credit is claimed.

Biotechnology Tax Credit Application - New York Department Of Finance Page 8

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