Senate Bill S2087

2021-2022 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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2021-S2087 (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
2019-2020: S2821
2023-2024: S4871

2021-S2087 (ACTIVE) - Summary

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

2021-S2087 (ACTIVE) - Sponsor Memo

2021-S2087 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2087
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 19, 2021
                                ___________
 
 Introduced by Sens. JORDAN, GOUNARDES -- read twice and ordered printed,
   and when printed to be committed to the Committee on Budget and Reven-
   ue
 
 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 55 to read as follows:
   55. 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.
                                                            LBD01410-01-1
              

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