Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Feb 07, 2023 | referred to ways and means |
Current Bill Status - In Assembly Committee
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
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Co-Sponsors
Steve Stern
A3695 (ACTIVE) - Details
A3695 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3695 2023-2024 Regular Sessions I N A S S E M B L Y February 7, 2023 ___________ Introduced by M. of A. BENDETT -- read once and referred to the Commit- tee on Ways and Means 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 59 to read as follows: 59. 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. LBD07675-01-3