Senate Bill S2821

2019-2020 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 Budget And Revenue 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-S2821 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: S4615
2021-2022: S2087
2023-2024: S4871

2019-S2821 (ACTIVE) - Summary

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

2019-S2821 (ACTIVE) - Sponsor Memo

2019-S2821 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2821
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 29, 2019
                                ___________
 
 Introduced  by  Sen.  JORDAN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 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.
   (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:
   (1)  NO  AMOUNT SHALL BE TREATED AS PREMIUMS FOR QUALIFIED DATA BREACH
 INSURANCE UNLESS THE CHARGE FOR  SUCH  INSURANCE  IS  EITHER  SEPARATELY
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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