NY A02638

Creates a qualified emerging technology commercialization tax credit for companies in New York State with annual product sales of $10 million or less that develop emerging technologies or maintain R&D spending at or above the National Science Foundation average ratio.

Eligible taxpayers must have no more than 100 full-time employees (at least 75% employed in New York State), R&D to net sales ratio of at least 6%, and gross revenues not exceeding $20 million.

Allows eligible taxpayers a credit equal to 15% of qualified commercialization expenses, including testing, prototyping, design, equipment, legal fees, university technology licensing fees, and trade show costs.

Limits credit to four consecutive taxable years with a maximum of $100,000 per year; excess credits treated as overpayment of tax with no interest paid.

Applies to tax years beginning on or after January 1, 2011.