Assembly Bill A5790

2019-2020 Legislative Session

Establishes business franchise and personal income tax credits for capital investments made in certain small businesses

download bill text pdf

Sponsored By

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

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2019-A5790 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A6522
2011-2012: A3776
2013-2014: A6022
2015-2016: A5443
2017-2018: A4993
2021-2022: A8482
2023-2024: A2390

2019-A5790 (ACTIVE) - Summary

Establishes business franchise and personal income tax credits for capital investments made in certain small businesses.

2019-A5790 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5790
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 19, 2019
                                ___________
 
 Introduced  by  M.  of  A.  GIGLIO, BRABENEC, LAWRENCE, RAIA, DeSTEFANO,
   McDONOUGH, SAYEGH, HAWLEY, MORINELLO, TAGUE, KOLB, NORRIS, WALCZYK  --
   Multi-Sponsored  by  --  M.  of  A.  BARCLAY,  CROUCH -- read once and
   referred to the Committee on Ways and Means
 
 AN ACT to amend the tax law, in relation to establishing business  fran-
   chise  and personal income tax credits for certain small businesses in
   a village or small city
 
   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. SMALL BUSINESS CAPITAL TAX CREDIT. (A) A TAXPAYER SHALL BE ALLOWED
 A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS  SUBDIVISION,  AGAINST  THE
 TAX IMPOSED BY THIS ARTICLE. SUCH CREDIT SHALL BE GRANTED TO ANY TAXPAY-
 ER  WHICH  IS  A  SMALL BUSINESS WHEN THE SMALL BUSINESS IS LOCATED IN A
 VILLAGE OR IN A CITY WITH A POPULATION OF LESS THAN THIRTY-FIVE THOUSAND
 AS DETERMINED BY THE MOST RECENT FEDERAL DECENNIAL CENSUS. THE AMOUNT OF
 THE CREDIT SHALL BE EQUAL TO TWENTY-FIVE PERCENT OF THE SUM OF QUALIFIED
 INVESTMENTS IN SUCH SMALL BUSINESS, AS DETERMINED BY THE COMMISSIONER.
   (B) FOR THE PURPOSES OF THIS SUBDIVISION, THE  TERM  "SMALL  BUSINESS"
 MEANS A BUSINESS WHICH EMPLOYS LESS THAN FIFTEEN EMPLOYEES.
   (C) THE CREDIT AND CARRYOVERS OF SUCH CREDIT ALLOWED UNDER THIS SUBDI-
 VISION  FOR ANY TAXABLE YEAR SHALL NOT, IN THE AGGREGATE, REDUCE THE TAX
 DUE FOR SUCH YEAR TO LESS THAN THE HIGHER OF THE AMOUNTS  PRESCRIBED  IN
 PARAGRAPH  (D)  OF  SUBDIVISION  ONE  OF SECTION TWO HUNDRED TEN OF THIS
 ARTICLE. HOWEVER, IF THE AMOUNT OF CREDIT OR CARRYOVERS OF SUCH  CREDIT,
 OR BOTH, ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR REDUCES THE
 TAX  TO  SUCH  AMOUNT, ANY AMOUNT OF CREDIT OR CARRYOVERS OF SUCH CREDIT
 THUS NOT DEDUCTIBLE IN SUCH TAXABLE YEAR MAY  BE  CARRIED  OVER  TO  THE
 FOLLOWING  YEAR  OR YEARS AND MAY BE DEDUCTED FROM THE TAX FOR SUCH YEAR
 OR YEARS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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