P.M. BRIEFING : N.Y. Bill Aimed at Cutting Takeovers
The New York Legislature early today approved a bill intended to reduce the attractiveness of New York corporations as takeover targets.
The intent of the bill, according to a Senate staff member involved in its drafting, is to to discourage those takeovers that end up reducing jobs and drying up capital markets.
New York companies can become attractive as takeover targets because they have accumulated millions of dollars worth of state tax credits for capital or research and development investments they have made, jobs they have created or operating losses they have incurred.
The measure, approved overwhelmingly as part of an omnibus tax bill, is also expected to save the state between $30 million and $40 million in unused tax credits that will help close a projected $2.7-billion budget deficit.
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