Bill Summary: A06739

• Establishes the New York State Cornerstone Program for businesses operational in New York for at least 10 consecutive years, limiting participation to 10 years and requiring commitment to maintain or increase employment levels to qualify for tax benefits.

• Establishes the New York State Discovery Program for start-up businesses or those operating 2 years or less, requiring internship offerings to high school, BOCES, and college students, with grants up to $2,000 per internship divided between the business and educational institution.

• Creates a Cornerstone Development Board consisting of four state commissioners and four appointed members to oversee program eligibility and certification for eligible business types including manufacturing, high-tech, biotech, clean-tech, and agri-business.

• Authorizes tax credits for certified businesses under both programs, including discovery investment credits (20% of qualifying property costs), discovery wage tax credits (6.85% of gross wages for net new jobs), and property tax credits (up to 30% of eligible real property taxes).

• Reduces state income tax rates for businesses effective January 1, 2016: reduces corporate tax rate to 5.909% and personal income tax rate to 6.85%, with further reductions for small businesses scheduled through 2019.