senate Bill S7650

2011-2012 Legislative Session

Establishes a small business tax credit

download bill text pdf

Sponsored By

Archive: Last Bill Status - Passed Senate


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

do you support this legislation?

You must fill out the form below in order to support or oppose this bill. X

You must login or fill out the fields below for the senator to have an accurate account of the support or opposition to this bill.

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.
Use this box to enter a message to your senator.

Actions

view actions (5)
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

Co-Sponsors

S7650 - Details

Law Section:
Tax Law
Laws Affected:
Amd ยงยง606 & 210, Tax L

S7650 - Summary

Establishes a small business tax credit.

S7650 - Sponsor Memo

S7650 - 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.

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.