NY Startup Credit Excludes Patent Buys, Regulator Says

Law360, New York (February 10, 2014, 2:57 PM EST) -- The New York Department of Taxation and Finance said Friday that a state tax credit intended for startup companies that are developing nascent technology cannot be applied toward costs associated with purchasing patents and trade secrets.

In an advisory opinion, the department also said New York's tax credit for qualified emerging technology companies does not extend to intangible property. The credit is meant to cover costs associated with developing tangible property, like prototypes or machinery, and other in-house research activities, the opinion said.

The state's tax...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.