NY S06837

Creates certification process for "Certified Startup Business Enterprises" located in New York State with less than $5 million in annual revenues whose primary activity involves qualifying technology or innovation activities (biotechnologies, information technology, advanced materials, electronic devices, renewable energy, or systems integration).

Allows Commissioner to certify up to $7 million in qualifying angel investments per year for fiscal years 2012-2013, 2013-2014, and 2014-2015, with individual investments ranging from $100,000 to $1 million per business.

Provides a 35 percent tax credit to taxpayers making qualifying angel investments in certified startup businesses, applied to personal income tax, corporate franchise tax, partnership taxes, and alternative minimum tax.

Requires angel investments to be made within 12 months after certification and applied toward the business's qualifying angel investment allocation, though investors may make additional non-qualifying investments or loans without limitation.

Tax credits that exceed annual tax liability are treated as overpayments eligible for refund without interest accrual.