Relates to emerging technology industrial classifications for clean environment and energy technologies

◆ The sponsor's argument

Why Kevin S. Parker says this is needed

The intent of this legislation is to add clean environmental and energy technologies to the list of emerging industrial classifications in New York State. This classification will allow entrepreneurs and businesses involved in cutting edge clean environmental and energy technologies to be certified as a "Qualified Emerging Technology Company" which would make them eligible for additional capital tax credits and investment opportunities. Currently, for a company to be certified as by the NYS Commissioner of Tax and Finance for tax breaks as emerging technology company (QETC), the industry must: (i) be as defined under section 3102-e of the public authorities law (PAL); (ii) be located in New York State; and, (iii) have total annual product sales of $10 million or less. The current emerging technologies under section 3102-e(1) (b) of the PAL those technologies related to: advanced materials and processing; engi- neering, production, and defense; electronic and photonic devices and components;information and communication technologies; biotechnologies; and, remanufacturing. In New York State, significant investment is already being made by businesses and utilities, as well as the New York State Energy and Research Development Authority (NYSERDA), the Empire State Development Corporation (ESDC), the Public Service Commission (PSC), the Division of Housing and Community Renewal (DHCR) and the New York. State Foundation for Science, Technology and Innovation (NYSTAR). In addition to State funding, there has also been increased funding available from the federal sources. This growth is expected to create new business opportunities and integrate clean environmental and energy technologies, practices and services across all sectors. While signif- icant investment is being made in New York, the State faces the threat of falling behind in the race to develop the clean environmental and energy technologies to other states such as California, Connecticut, Maine, Maryland, Massachusetts, New Jersey as well as several other states being to actively pursue supporting these technologies. If New York State fails to aggressively promote these technologies, it would mean a significant loss of revenue, but also a significant job loss from a sector that is actively working to train and develop a skilled work- force capable of supporting these industries.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.