Senate Bill S6696

2009-2010 Legislative Session

Establishes a small business tax credit for Small Business Administration (SBA) guaranty fees paid by a taxpayer

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2009-S6696 (ACTIVE) - Details

See Assembly Version of this Bill:
A5247
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยงยง210 & 606, Tax L
Versions Introduced in 2011-2012 Legislative Session:
A3697

2009-S6696 (ACTIVE) - Summary

Establishes a small business tax credit for SBA guaranty fees paid by a taxpayer in connection with obtaining financing from the U.S. small business administration.

2009-S6696 (ACTIVE) - Sponsor Memo

2009-S6696 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6696

                            I N  S E N A T E

                            January 28, 2010
                               ___________

Introduced  by  Sen.  FOLEY  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in relation to establishing a  small  busi-
  ness tax credit for SBA guaranty fees paid

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 210 of the tax law  is  amended  by  adding  a  new
subdivision 41 to read as follows:
   41.  SMALL  BUSINESS  TAX CREDIT. (A) GENERAL. A TAXPAYER WHO HAS ONE
HUNDRED EMPLOYEES OR LESS, SHALL BE ALLOWED A CREDIT, TO BE COMPUTED  AS
PROVIDED  IN  THIS  SUBDIVISION, AGAINST THE TAX IMPOSED BY THIS ARTICLE
FOR ANY AMOUNT PAID TO THE UNITED STATES SMALL  BUSINESS  ADMINISTRATION
(SBA)  AS A GUARANTY FEE PURSUANT TO THE OBTAINING OF A SBA 7(A) GUARAN-
TEED LOAN.
  (B) AMOUNT OF CREDIT. A CREDIT  AUTHORIZED  BY  THIS  SECTION  MAY  BE
CLAIMED  FOR  GUARANTY FEES PAID ON OR AFTER JANUARY FIRST, TWO THOUSAND
ELEVEN.
  (C) NO CREDIT MAY BE CLAIMED PURSUANT TO THIS SUBDIVISION IF, PURSUANT
TO THE AGREEMENT BETWEEN THE BANKING ASSOCIATION OR CREDIT UNION AND THE
ENTITY TO WHICH PROCEEDS ARE MADE AVAILABLE, THE BANKING ASSOCIATION  OR
CREDIT  UNION  ADDS  THE AMOUNT OF THE SBA 7(A) LOAN GUARANTY FEE TO THE
AMOUNT FINANCED BY THE BORROWER OR IN ANY OTHER WAY RECOVERS THE GUARAN-
TY FEE AMOUNT FROM THE BORROWER.
  (D) CARRYOVERS. THE CREDIT  ALLOWED  UNDER  THIS  SUBDIVISION  MAY  BE
CLAIMED  AND  IF NOT FULLY USED IN THE INITIAL YEAR FOR WHICH THE CREDIT
IS CLAIMED MAY BE CARRIED OVER, IN ORDER, TO EACH OF THE FIVE SUCCEEDING
TAXABLE YEARS. THE CREDIT AUTHORIZED BY THIS SUBDIVISION MAY NOT BE USED
TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
  S 2. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
of  the  tax  law  is  amended  by adding a new clause (xxxi) to read as
follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08416-04-0

              

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