senate Bill S4615A

2017-2018 Legislative Session

Relates to a business tax credit for purchase of data breach insurance

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee


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

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Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 24, 2018 print number 4615a
Jan 24, 2018 amend and recommit to investigations and government operations
Jan 03, 2018 referred to investigations and government operations
Feb 22, 2017 referred to investigations and government operations

Co-Sponsors

S4615 - Details

See Assembly Version of this Bill:
A7781
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L
Versions Introduced in 2019-2020 Legislative Session:
S2821

S4615 - Summary

Relates to a business tax credit for purchase of data breach insurance.

S4615 - Sponsor Memo

S4615 - Bill Text download pdf


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

                                  4615

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            February 22, 2017
                               ___________

Introduced by Sen. MARCHIONE -- 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 a business tax credit for
  purchase of data breach insurance; and providing  for  the  repeal  of
  such provisions upon expiration thereof

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

  Section 1. Section 210-B of the tax law is amended  by  adding  a  new
subdivision 52 to read as follows:
  52. DATA BREACH INSURANCE CREDIT. (A) A TAXPAYER THAT IS A BUSINESS OR
OWNER OF A BUSINESS SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY
THIS ARTICLE EQUAL TO TWENTY-FIVE PERCENT OF THE PREMIUM PAID DURING THE
TAXABLE  YEAR  FOR QUALIFIED DATA BREACH INSURANCE. FOR PURPOSES OF THIS
SECTION, THE TERM  "QUALIFIED  DATA  BREACH  INSURANCE"  MEANS  COVERAGE
PROVIDED  BY  AN  INSURANCE COMPANY FOR EXPENSES OR LOSSES IN CONNECTION
WITH THE THEFT, LOSS, DISCLOSURE, INACCESSIBILITY, OR  MANIPULATION,  OF
DATA.
  (B)  IN ORDER TO QUALIFY FOR SUCH CREDIT, TAXPAYERS SHALL ADOPT AND BE
IN COMPLIANCE WITH ONE OF THE FOLLOWING:
  (1) VERSION 1.0 OF THE FRAMEWORK FOR IMPROVING CRITICAL INFRASTRUCTURE
CYBERSECURITY PUBLISHED BY THE NATIONAL INSTITUTE OF STANDARDS AND TECH-
NOLOGY AS IN EFFECT ON FEBRUARY TWELFTH, TWO THOUSAND FOURTEEN OR SUBSE-
QUENT VERSIONS OR ITERATIONS; OR
  (2) ANY SIMILAR STANDARD SPECIFIED BY  THE  STATE  COMPTROLLER,  AFTER
CONSULTATION  WITH  THE DIRECTOR OF THE OFFICE OF INFORMATION TECHNOLOGY
SERVICES.
  (C) IN THE CASE OF INSURANCE COVERAGE UNDER WHICH AMOUNTS ARE  PAYABLE
FOR  OTHER  THAN  EXPENSES  OR LOSSES DESCRIBED IN PARAGRAPH (A) OF THIS
SUBDIVISION:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00228-02-7

Co-Sponsors

S4615A (ACTIVE) - Details

See Assembly Version of this Bill:
A7781
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L
Versions Introduced in 2019-2020 Legislative Session:
S2821

S4615A (ACTIVE) - Summary

Relates to a business tax credit for purchase of data breach insurance.

S4615A (ACTIVE) - Sponsor Memo

S4615A (ACTIVE) - Bill Text download pdf


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

                                 4615--A

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            February 22, 2017
                               ___________

Introduced by Sens. MARCHIONE, GALLIVAN -- read twice and ordered print-
  ed,  and  when  printed  to  be committed to the Committee on Investi-
  gations and Government Operations -- recommitted to the  Committee  on
  Investigations  and  Government  Operations  in accordance with Senate
  Rule  6,  sec.  8  --  committee  discharged,  bill  amended,  ordered
  reprinted as amended and recommitted to said committee

AN  ACT  to  amend the tax law, in relation to a business tax credit for
  purchase of data breach insurance; and providing  for  the  repeal  of
  such provisions upon expiration thereof

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

  Section 1. Section 210-B of the tax law is amended  by  adding  a  new
subdivision 53 to read as follows:
  53. DATA BREACH INSURANCE CREDIT. (A) A TAXPAYER THAT IS A BUSINESS OR
OWNER OF A BUSINESS SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY
THIS ARTICLE EQUAL TO TWENTY-FIVE PERCENT OF THE PREMIUM PAID DURING THE
TAXABLE  YEAR  FOR QUALIFIED DATA BREACH INSURANCE. FOR PURPOSES OF THIS
SECTION, THE TERM  "QUALIFIED  DATA  BREACH  INSURANCE"  MEANS  COVERAGE
PROVIDED  BY  AN  INSURANCE COMPANY FOR EXPENSES OR LOSSES IN CONNECTION
WITH THE THEFT, LOSS, DISCLOSURE, INACCESSIBILITY, OR  MANIPULATION,  OF
DATA.
  (B)  IN ORDER TO QUALIFY FOR SUCH CREDIT, TAXPAYERS SHALL ADOPT AND BE
IN COMPLIANCE WITH ONE OF THE FOLLOWING:
  (1) VERSION 1.0 OF THE FRAMEWORK FOR IMPROVING CRITICAL INFRASTRUCTURE
CYBERSECURITY PUBLISHED BY THE NATIONAL INSTITUTE OF STANDARDS AND TECH-
NOLOGY AS IN EFFECT ON FEBRUARY TWELFTH, TWO THOUSAND FOURTEEN OR SUBSE-
QUENT VERSIONS OR ITERATIONS; OR
  (2) ANY SIMILAR STANDARD SPECIFIED BY  THE  STATE  COMPTROLLER,  AFTER
CONSULTATION  WITH  THE DIRECTOR OF THE OFFICE OF INFORMATION TECHNOLOGY
SERVICES.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00228-03-8

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