Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 23, 2010 |
referred to ways and means |
Jun 22, 2010 |
delivered to assembly passed senate ordered to third reading cal.1092 committee discharged and committed to rules |
Jan 28, 2010 |
referred to investigations and government operations |
Senate Bill S6696
2009-2010 Legislative Session
Sponsored By
(D, WF) 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
2009-S6696 (ACTIVE) - Details
2009-S6696 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6696 TITLE OF BILL : An act to amend the tax law, in relation to establishing a small business tax credit for SBA guaranty fees paid PURPOSE OR GENERAL IDEA OF BILL : The purpose of this legislation is to assist small businesses in obtaining loans by providing a tax credit for the fees which are a part of the United States Small Business Administration (SBA) loan processing. SUMMARY OF SPECIFIC PROVISIONS : This bill would allow small businesses in New York State that have paid a loan guaranty fee to the SBA in order to obtain an SBA 7(a) guaranteed loan, to receive a tax credit, beginning January 1, 2006, for the full amount of the guaranty fee. The tax credit may only be claimed by the small business and may not be claimed if the guaranty fee has been added to the amount financed by the borrower. Any unused tax credit may be carried over for five years. JUSTIFICATION : A major concern for today's small business owners is access to capital and credit. The SBA's loan guarantee program provides guarantees on loans to small businesses looking to expand, invest in new equipment
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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