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New York · 2025 Regular Session · Bill

S 303: Relates to the excelsior research and development tax credit

In committee Official data

  1. Introduced
  2. In committee
  3. Passed one chamber
  4. Passed both chambers
  5. Enacted

Last official action: ·Record last updated:

Plain-language summary

S 303 is a bill introduced in the New York Senate on January 8, 2025. According to its official title, it concerns: Relates to the excelsior research and development tax credit. Primary sponsor: Steve Rhoads (Republican/Conservative). Most recent recorded action (January 7, 2026): REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS.

Generated automatically from the official title, sponsor list, and status record only. It does not characterize the bill’s purpose or effects. How summaries are written

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

Enacts the "empire innovation act"; provides that a participant in the excelsior jobs program shall be eligible to claim a credit equal to the portion of the full cost of the participant's research and development expenses incurred that relates to the participant's research and development expenditures in New York state during the taxable year; provided however, if the participant receives a federal research and development tax credit calculated on the full cost of the participant's research and development expenses that relates to the participant's research and development expenditures in New York state during the taxable year, then said participant shall only be eligible to claim a credit equal to fifty percent of the portion of the participant's federal research and development tax credit that relates to the participant's research and development expenditures in New York state during the taxable year.

Sponsors

Sponsors by party (alphabetical): Republican/Conservative 1

NameRolePartyChamberDistrict
Steve RhoadsPrimary sponsorRepublican/ConservativeSenate5

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

  1. REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS
  2. REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS

Sources

  1. Open States / Plural (data from the official legislature website)
  2. Official legislature source