Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 18, 2012 |
referred to ways and means delivered to assembly passed senate ordered to third reading cal.1292 |
Jun 11, 2012 |
referred to rules |
Senate Bill S7650
2011-2012 Legislative Session
Sponsored By
(R, C, IP) Senate District
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
Actions
Votes
co-Sponsors
(D) Senate District
(R, C) 60th Senate District
2011-S7650 (ACTIVE) - Details
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Tax Law
- Laws Affected:
- Amd ยงยง606 & 210, Tax L
- Versions Introduced in 2013-2014 Legislative Session:
-
S1906
2011-S7650 (ACTIVE) - Sponsor Memo
BILL NUMBER:S7650 TITLE OF BILL: An act to amend the tax law, in relation to establishing a small business tax credit PURPOSE: To create a small business personal income tax credit and reduce corporate franchise taxes for small businesses to encourage growth among this state's small businesses to help spur job creation. SUMMARY OF PROVISIONS: 20% TAX CUT FOR SMALL BUSINESSES: This bill would provide small businesses with a corporate tax rate cut from 6.5 percent to 5.2 percent - a 20 percent reduction. The corporate tax rate for small business applies to those businesses with entire net income base of not more than $290,000. It would also virtually eliminate the fixed dollar minimum for small businesses (those businesses with New York receipts of not more than $1 million). This reduction will save small businesses $20 million in SFY 2012-13 and $49 million on an annual basis. SMALL BUSINESS JOBS CREDIT: Provides a credit of 10% of business income for about 800,000 small businesses that have at least one employee, have business income of less than $250,000, and that file
2011-S7650 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7650 I N S E N A T E June 11, 2012 ___________ Introduced by Sen. SKELOS -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the tax law, in relation to establishing a small busi- ness tax credit THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 606 of the tax law is amended by adding a new subsection (uu) to read as follows: (UU) SMALL BUSINESS TAX CREDIT. (1) GENERAL. A QUALIFIED TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE EQUAL TO SIX AND SIXTY-FIVE HUNDREDTHS PERCENT OF QUALIFIED BUSINESS INCOME. (2) DEFINITIONS. FOR THE PURPOSES OF THIS SUBSECTION, THE TERM: (A) "QUALIFIED TAXPAYER" SHALL MEAN A SOLE PROPRIETOR WHO EMPLOYS ONE OR MORE PERSONS AND WHO HAS NET BUSINESS INCOME OF LESS THAN TWO HUNDRED FIFTY THOUSAND DOLLARS. (B) "QUALIFIED BUSINESS INCOME" SHALL MEAN TEN PERCENT OF THE BUSINESS INCOME OF THE TAXPAYER AS DEFINED IN THE LAWS OF THE UNITED STATES. (3) IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, NO INTEREST SHALL BE PAID THEREON. S 2. Subparagraph (iv) of paragraph (a) of subdivision 1 of section 210 of the tax law, as amended by section 2 of part N of chapter 60 of the laws of 2007, is amended to read as follows: (iv) for taxable years beginning on or after January first, two thou- sand seven AND ENDING BEFORE JANUARY FIRST, TWO THOUSAND THIRTEEN, if the entire net income base is not more than two hundred ninety thousand dollars the amount shall be six and one-half percent of the entire net income base; if the entire net income base is more than two hundred ninety thousand dollars but not over three hundred ninety thousand dollars the amount shall be the sum of (1) eighteen thousand eight hundred fifty dollars, (2) seven and one-tenth percent of the excess of the entire net income base over two hundred ninety thousand dollars but EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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