Establishes the New York state innovation voucher program; provides small businesses with access to research and development by colleges and universities, government laboratories and public research institutes in order to assist such businesses in the creation of innovative products or services.
Impact
The impact of S09675 is significant as it aims to amend existing legislation concerning small businesses' access to state-supported research and development. This initiative may broaden the scope for small enterprises to utilize institutional knowledge and capabilities, enhancing their competitiveness and innovation. The bill allows for vouchers of varying amounts, which small businesses can use to engage in R&D projects that qualify under the set definitions, thereby fostering a culture of innovation within the state.
Summary
Bill S09675 proposes the establishment of the New York State Innovation Voucher Program under the urban development corporation act. This program aims to provide small businesses with access to research and development resources from colleges, universities, and government laboratories, facilitating the creation of innovative products or services. It emphasizes assisting these businesses in job retention and expansion, thus enhancing the state's economic landscape.
Contention
While the bill presents a forward-looking approach to supporting small businesses, there may be areas of contention regarding the execution of the program. Concerns could arise in terms of how eligible projects and recipients are determined and the proportionate allocation of funds. Furthermore, the requirement for small businesses to match funded projects may also lead to debates on equity and access among various small business demographics, especially minority- and women-owned enterprises.
Same As
Establishes the New York state innovation voucher program; provides small businesses with access to research and development by colleges and universities, government laboratories and public research institutes in order to assist such businesses in the creation of innovative products or services.
Establishes the New York state innovation voucher program; provides small businesses with access to research and development by colleges and universities, government laboratories and public research institutes in order to assist such businesses in the creation of innovative products or services.
Establishes the New York state innovation voucher program; provides small businesses with access to research and development by colleges and universities, government laboratories and public research institutes in order to assist such businesses in the creation of innovative products or services.
Provides small businesses with grants of up to $100,000 to commercialize energy and environmental technology innovations and ideas in-state to stimulate economic development.
Authorizes the empire state development corporation to develop a public awareness campaign promoting businesses located in New York state with an emphasis on small businesses and the need to shop in downtown local areas; requires the creation of the Buy New York Online Networking Directory to connect purchasers with businesses located in New York.
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.