|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 05, 2022||referred to budget and revenue|
|Feb 08, 2021||referred to budget and revenue|
senate Bill S4680
Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S4680 (ACTIVE) - Details
S4680 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4680 SPONSOR: PALUMBO TITLE OF BILL: An act to amend the tax law, in relation to establishing a small busi- ness tax credit for certain efforts taken to improve such small busi- ness's facility in an effort to reduce the spread of infectious diseases PURPOSE: To incentivize businesses to make improvements to their facility in order to better stop the spread of infectious diseases which will both improve our State's public health and allow many businesses the ability to operate in a safer manner. SUMMARY OF PROVISIONS: Section 1. Would amend section 210-b of the tax law by adding subdivi- sion 55 which would: Allow a taxpayer that is a small business owner a credit against taxes imposed for efforts taken to improve such taxpay-
S4680 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4680 2021-2022 Regular Sessions I N S E N A T E February 8, 2021 ___________ Introduced by Sen. PALUMBO -- 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 establishing a small busi- ness tax credit for certain efforts taken to improve such small busi- ness's facility in an effort to reduce the spread of infectious diseases 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. SMALL BUSINESS TAX CREDIT; INFECTIOUS DISEASE MITIGATION. (A) GENERAL. A TAXPAYER THAT IS A SMALL BUSINESS SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS SUBDIVISION, AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR EFFORTS TAKEN TO IMPROVE SUCH TAXPAYER'S FACILITY IN AN EFFORT TO REDUCE THE SPREAD OF INFECTIOUS DISEASES. (B) AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL BE EQUAL TO THE AMOUNT OF MONEY SPENT BY AN ELIGIBLE TAXPAYER TO CONSTRUCT, INSTALL, BUILD, AND/OR EQUIP SUCH TAXPAYER'S FACILITY WITH NEW AMENITIES PRIMARILY INTENDED TO REDUCE THE SPREAD OF INFECTIOUS DISEASES, BUT SHALL NOT EXCEED FIVE THOUSAND DOLLARS TOTAL FOR EACH LOCATION WHERE SUCH NEW AMENITIES HAVE BEEN CONSTRUCTED, INSTALLED, BUILT, AND/OR EQUIPPED. (C) CARRYOVER. THE CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXA- BLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE AMOUNT PRESCRIBED IN PARAGRAPH (D) OF SUBDIVISION ONE OF SECTION TWO HUNDRED TEN OF THIS ARTICLE. HOWEVER, IF THE AMOUNT OF CREDIT ALLOWABLE UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR REDUCES THE TAX TO SUCH AMOUNT OR IF THE TAXPAYER OTHERWISE PAYS TAX BASED ON THE FIXED DOLLAR MINIMUM AMOUNT, ANY AMOUNT OF CREDIT NOT DEDUCTIBLE IN SUCH TAXABLE YEAR MAY BE CARRIED OVER TO THE FOLLOWING THREE YEARS, AND MAY BE DEDUCTED FROM THE QUALIFIED EMPLOYER'S TAX FOR SUCH YEARS. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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.