S T A T E O F N E W Y O R K
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5605
2009-2010 Regular Sessions
I N A S S E M B L Y
February 13, 2009
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Introduced by M. of A. BOYLAND -- read once and referred to the Commit-
tee on Ways and Means
AN ACT to amend the tax law, in relation to providing for a personal
income tax credit for resident taxpayers who invest in minority-owned
or women owned businesses
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 (qq) to read as follows:
(QQ) TAX CREDIT FOR PERSONS INVESTING IN MINORITY-OWNED OR WOMEN OWNED
BUSINESSES. (1) ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CRED-
IT, TO BE COMPUTED AS HEREINAFTER PROVIDED, AGAINST THE TAX IMPOSED BY
THIS ARTICLE, FOR INVESTING IN MINORITY-OWNED OR WOMEN OWNED BUSINESSES.
THE AMOUNT OF THE CREDIT SHALL BE THIRTY PERCENT OF THE FIRST THIRTY
THOUSAND DOLLARS INVESTED IN MINORITY-OWNED AND/OR WOMEN OWNED BUSI-
NESSES.
(2) APPLICATION OF CREDIT. THE CREDIT UNDER THIS SUBSECTION SHALL BE
ALLOWED AGAINST THE TAXES IMPOSED BY THIS ARTICLE FOR THE TAXABLE YEAR
REDUCED BY THE CREDITS PERMITTED BY THIS ARTICLE. IF THE CREDIT EXCEEDS
THE TAX AS SO REDUCED, THE TAXPAYER SHALL RECEIVE, AND THE COMPTROLLER,
SUBJECT TO A CERTIFICATE OF THE COMMISSIONER, SHALL PAY AS AN OVERPAY-
MENT, WITHOUT INTEREST, THE AMOUNT OF SUCH EXCESS.
(3) DEFINITIONS. FOR PURPOSES OF THE CREDIT DESCRIBED IN THIS
SUBSECTION:
(I) "MINORITY-OWNED OR WOMEN OWNED BUSINESS" SHALL MEAN A BUSINESS
ENTERPRISE, INCLUDING A SOLE PROPRIETORSHIP, PARTNERSHIP OR CORPORATION
THAT IS: (A) AT LEAST FIFTY-ONE PERCENT OWNED BY ONE OR MORE MINORITY
GROUP MEMBERS AND/OR WOMEN MEMBERS; (B) AN ENTERPRISE IN WHICH SUCH
MINORITY OR WOMEN OWNERSHIP IS REAL, SUBSTANTIAL AND CONTINUING; (C) AN
ENTERPRISE IN WHICH SUCH MINORITY OR WOMEN OWNERSHIP HAS AND EXERCISES
THE AUTHORITY TO CONTROL INDEPENDENTLY THE DAY-TO-DAY BUSINESS DECISIONS
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08778-01-9
A. 5605 2
OF THE ENTERPRISE; AND (D) AN ENTERPRISE AUTHORIZED TO DO BUSINESS IN
THIS STATE AND INDEPENDENTLY OWNED AND OPERATED;
(II) "MINORITY GROUP MEMBER" SHALL MEAN A UNITED STATES CITIZEN OR
PERMANENT RESIDENT ALIEN WHO IS AND CAN DEMONSTRATE MEMBERSHIP IN ONE OF
THE FOLLOWING GROUPS: (A) BLACK PERSONS HAVING ORIGINS IN ANY OF THE
BLACK AFRICAN RACIAL GROUPS; (B) HISPANIC PERSONS OF MEXICAN, PUERTO
RICAN, DOMINICAN, CUBAN, CENTRAL OR SOUTH AMERICAN OF EITHER INDIAN OR
HISPANIC ORIGIN, REGARDLESS OF RACE; (C) NATIVE AMERICAN OR ALASKAN
NATIVE PERSONS HAVING ORIGINS IN ANY OF THE ORIGINAL PEOPLES OF NORTH
AMERICA; AND (D) ASIAN AND PACIFIC ISLANDER PERSONS HAVING ORIGINS IN
ANY OF THE FAR EAST COUNTRIES, SOUTH EAST ASIA, THE INDIAN SUBCONTINENT
OR THE PACIFIC ISLANDS; AND
S 2. This act shall take effect immediately and shall apply to
personal income taxable years beginning on and after January 1, 2010.