New York Codes, Rules and Regulations › Title 5 - DEPARTMENT OF ECONOMIC DEVELOPMENT › Chapter XXVI - Life Sciences Research and Development › Part 260 - Life Sciences Research and Development Tax Credit Program › Section 260.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
As used in this regulation, the following terms shall have
				  the following meanings:
(a)
Certificate of tax credit
means the document issued to a
				qualified life sciences company by the Department of Economic Development,
				after the Department of Economic Development has verified that such life
				sciences company has met all applicable criteria in this Part to be eligible
				for the life sciences research and development tax credit, including but not
				limited to verifying that the life sciences company is a new business. The
				certificate shall be issued annually if such criteria are satisfied and shall
				specify the exact amount of the life sciences research and development tax
				credit that may be claimed by such qualified life sciences company, pursuant to
				section 43 of the Tax Law, and
				shall specify the taxable year in which such credit may be claimed and the
				allocation year from which such credit has been awarded.
(b)
Life sciences
means
				agricultural biotechnology, biogenerics, bioinformatics, biomedical
				engineering, biopharmaceuticals, academic medical centers, biotechnology,
				chemical synthesis, chemistry technology, medical diagnostics, genomics,
				medical image analysis, marine biology, medical devices, medical
				nanotechnology, natural product pharmaceuticals proteomics, regenerative
				medicine, RNA interference, stem cell research, medical and neurological
				clinical trials, health robotics and veterinary science.
(c)
Life sciences company
means a business entity or an organization or institution that devotes the
				majority of its efforts in the various stages of research, development,
				technology transfer and commercialization related to any life sciences
				field.
(d)
New
				business
means any business that qualifies as a new business under
				either paragraph (f) of subdivision 1 of section 210-B or paragraph 10 of
				subsection 1 of section
				606 of the Tax Law.
(e)
Qualified life sciences
				company
means a life sciences company, as defined in subdivision (c)
				of this section, that has been certified by the Department of Economic
				Development as a life sciences company and is a new business. Provided however,
				for purposes of the credit authorized under section
				43 of the Tax Law, the Department of Economic
				Development shall not certify as a life sciences company any corporation,
				partnership, limited partnership, or other entity that has been within the
				immediately preceding 60 months a related person to an entity that is a life
				sciences company or an entity that is engaged in scientific research and
				development as defined in subdivision 22 of section
				352 of
				the Economic Development Law.
(f)
Research and development expenditures
means qualified research
				expenses as defined in subsection (b) of section
				41 of the Internal Revenue Code, provided,
				however, that such qualified research expenses shall not include amounts under
				subparagraph (B) of paragraph 1 of subsection (b) of section
				41 of the Internal Revenue Code and as
				further described in paragraph 3 of subsection (b) of section
				41 of the Internal Revenue Code. If section
				41 of the Internal Revenue Code has expired,
				then the research and development expenses shall be calculated as if the
				Federal research and development credit structure and definition in effect in
				section 41 in Federal tax year 2009 were still in effect. Section 41 of title
				26 of the
United States Code
is available for public
				inspection and copying at the following address: New York State Department of
				Economic Development, 625 Broadway, 8th Floor, Albany, NY 12245.
(g)
Related person
means a
				related person as defined in subparagraph (c) of paragraph 3 of subsection (b)
				of section 465 of the Internal Revenue Code. For this
				purpose, a
related person
shall include an entity that would
				have qualified as a related person if it had not been dissolved, liquidated,
				merged with another entity or otherwise ceased to exist or operate. Section 465
				of title 26 of the
United States Code
is available for public
				inspection and copying at the following address: New York State Department of
				Economic Development, 625 Broadway, 8th Floor, Albany, NY
				12245.