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Senate Bill S4612

2021-2022 Legislative Session

Provides for gifts for the support of New York state small businesses

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Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee

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2021-S4612 (ACTIVE) - Details

See Assembly Version of this Bill:
A7090
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Add §630-i, Tax L; add §99-ii, St Fin L
Versions Introduced in Other Legislative Sessions:
2023-2024: S2646, A4524
2025-2026: A3618

2021-S4612 (ACTIVE) - Summary

Establishes the New York small business relief fund to provide grants to small businesses who have suffered economic hardship as a result of the COVID-19 pandemic; provides for a tax write-off for gifts made to such fund.

2021-S4612 (ACTIVE) - Sponsor Memo

2021-S4612 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4612
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 8, 2021
                                ___________
 
 Introduced  by  Sens. MATTERA, JORDAN -- 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 and the state finance law,  in  relation  to
   gifts for the support of New York state small businesses

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The tax law is amended by adding a  new  section  630-i  to
 read as follows:
   §  630-I.  GIFT  FOR  THE  NEW  YORK STATE SMALL BUSINESS RELIEF FUND.
 EFFECTIVE FOR ANY TAX YEAR COMMENCING ON OR AFTER THE EFFECTIVE DATE  OF
 THIS  SECTION, A TAXPAYER IN ANY TAXABLE YEAR MAY ELECT TO CONTRIBUTE TO
 THE SUPPORT OF THE NEW YORK  STATE  SMALL  BUSINESS  RELIEF  FUND.  SUCH
 CONTRIBUTION  SHALL  BE  IN ANY WHOLE DOLLAR AMOUNT AND SHALL NOT REDUCE
 THE AMOUNT OF THE STATE TAX OWED  BY  SUCH  TAXPAYER.  THE  COMMISSIONER
 SHALL  INCLUDE  SPACE  ON  THE  PERSONAL  INCOME  TAX RETURN TO ENABLE A
 TAXPAYER TO MAKE SUCH CONTRIBUTION. NOTWITHSTANDING ANY OTHER  PROVISION
 OF LAW, ALL REVENUES COLLECTED PURSUANT TO THIS SECTION SHALL BE CREDIT-
 ED  TO  THE  NEW YORK STATE SMALL BUSINESS RELIEF FUND AND SHALL BE USED
 ONLY FOR THOSE PURPOSES ENUMERATED  IN  SECTION  NINETY-NINE-II  OF  THE
 STATE FINANCE LAW.
   § 2. The state finance law is amended by adding a new section 99-ii to
 read as follows:
   §  99-II.  NEW  YORK  SMALL  BUSINESS  RELIEF FUND. 1. THERE IS HEREBY
 ESTABLISHED IN THE JOINT CUSTODY OF THE  COMMISSIONER  OF  TAXATION  AND
 FINANCE  AND  THE  COMPTROLLER A FUND TO BE KNOWN AS THE "NEW YORK STATE
 SMALL BUSINESS RELIEF FUND".
   2. THE FUND SHALL CONSIST OF ALL REVENUES RECEIVED BY  THE  DEPARTMENT
 OF  TAXATION AND FINANCE PURSUANT TO SECTION SIX HUNDRED THIRTY-I OF THE
 TAX LAW AND ALL OTHER  MONIES  APPROPRIATED,  CREDITED,  OR  TRANSFERRED
 THERETO FROM ANY OTHER FUND OR SOURCE PURSUANT TO LAW. NOTHING CONTAINED
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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