Assembly Actions -
Senate Actions - UPPERCASE
|Jan 05, 2022||
referred to budget and revenue
|Jan 19, 2021||
referred to budget and revenue
Senate Bill S2087
2021-2022 Legislative Session
Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2021-S2087 (ACTIVE) - Details
2021-S2087 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2087 SPONSOR: JORDAN TITLE OF BILL: 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 PURPOSE: This bill would create a data breach insurance tax credit for small businesses. SUMMARY OF PROVISIONS: Sections 1, 2 and 3 establish the Data Breach Insurance tax credit with- in three parts of the tax law, laying out the requirements for quali- fication and the technical compliances required. Section 4 establishes the effective date.
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
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. 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.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.