* § 43. Life sciences research and development tax credit. (a)\nAllowance of credit. (1) A taxpayer that is a qualified life sciences\ncompany, or that is a sole proprietor of or a partner in a partnership\nthat is a qualified life sciences company or a shareholder of a New York\nS corporation that is a qualified life sciences company, and is subject\nto tax under article nine-A or twenty-two of this chapter, shall be\nallowed a credit against such tax, pursuant to the provisions referred\nto in subdivision (e) of this section, for a period of three years, as\nprovided in subparagraph (ii) of paragraph two of this subdivision, to\nbe computed as provided in this section, provided that no credit shall\nbe allowed for taxable years beginning on or after January first, two\nthousand twenty-eight. Such credit may be claimed in the taxable year\nspecified on the certificate of tax credit issued to the qualified life\nsciences company.\n (2)(i) For a qualified life sciences company that employs ten or more\npersons during the taxable year, the amount of the credit shall be equal\nto fifteen percent of such qualified life sciences company's research\nand development expenditures in this state for the taxable year. For a\nqualified life sciences company that employs less than ten persons\nduring the taxable year, the amount of the credit shall be equal to\ntwenty percent of such qualified life sciences company's research and\ndevelopment expenditures in this state for the taxable year.\n (ii) The credit shall be allowed only with respect to the first\ntaxable year during which the criteria set forth in this subdivision are\nsatisfied, and with respect to each of the two taxable years next\nfollowing (but only, with respect to each of such years, if such\ncriteria are satisfied). Subsequent certifications of the life sciences\ncompany by the department of economic development pursuant to this\nsection shall not extend the three taxable year time limitation on the\nallowance of the credit set forth in the preceding sentence.\n (3) The total amount of credit allowable to a qualified life sciences\ncompany, or, if the life sciences company is properly included or\nrequired to be included in a combined report, to the combined group,\ntaken in the aggregate, shall not exceed five hundred thousand dollars\nin any taxable year. If the taxpayer is a partner in a partnership that\nis a life sciences company or a shareholder of a New York S corporation\nthat is a life sciences company, then the total amount of credit\nallowable shall be applied at the entity level, so that the total amount\nof credit allowable to all the partners or shareholders of each such\nentity, taken in the aggregate, does not exceed five hundred thousand\ndollars in any taxable year.\n (4) No research and development expenditures made by the life sciences\ncompany and used either as the basis for the allowance of the credit\nprovided for pursuant to this section or used in the calculation of the\ncredit provided pursuant to this section shall be used to claim any\nother credit allowed pursuant to this chapter or be used in the\ncalculation of any other credit allowed pursuant to this chapter.\n (b) Maximum amount of credits. The aggregate amount of tax credits\nallowed under this section to taxpayers subject to tax under articles\nnine-A and twenty-two of this chapter in any taxable year shall be ten\nmillion dollars, and shall be allotted from the funds available for tax\ncredits under article seventeen of the economic development law. Such\naggregate amount of credits shall be allocated by the department of\neconomic development among taxpayers in order of priority based upon the\ndate of filing an application for allocation of life sciences research\nand development tax credit with such department. If the total amount of\nallocated credits applied for in any particular year exceeds the\naggregate amount of tax credits allowed for such year under this\nsection, suc
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