Assembly Bill A4387

2023-2024 Legislative Session

Creates a small business electric energy tax credit

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Current Bill Status - In Assembly 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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2023-A4387 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A902
2011-2012: A2309
2013-2014: A1619
2015-2016: A1953
2017-2018: A400
2019-2020: A3600
2021-2022: A5250

2023-A4387 (ACTIVE) - Summary

Creates a small business electric energy tax credit; specifies that the amount of credit shall be equal to the product of $0.02 per kilowatt hour; sets limit of no more than 19 full-time employees in New York state; determines that if the business is located at the primary residence of a sole proprietor, the business is not eligible for the tax credit.

2023-A4387 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4387
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 14, 2023
                                ___________
 
 Introduced   by   M.   of   A.   GUNTHER,  LUPARDO,  COLTON,  ZEBROWSKI,
   PEOPLES-STOKES, AUBRY, BRABENEC --  read  once  and  referred  to  the
   Committee on Ways and Means
 
 AN  ACT  to  amend the tax law, in relation to a small business electric
   energy tax credit
 
   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 ELECTRIC ENERGY TAX CREDIT. (A) A TAXPAYER THAT  IS
 ELIGIBLE UNDER THE LIMITATIONS SPECIFIED IN PARAGRAPH (B) OF THIS SUBDI-
 VISION  SHALL  BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTI-
 CLE.  THE AMOUNT OF THE CREDIT SHALL BE EQUAL  TO  THE  PRODUCT  OF  TWO
 CENTS  PER  KILOWATT  HOUR FOR ALL BUSINESS RELATED ELECTRICITY USAGE AT
 THE TAXPAYER'S PRIMARY BUSINESS LOCATION.
   (B) AN ELIGIBLE TAXPAYER SHALL (I) HAVE NO  MORE  THAN  NINETEEN  FULL
 TIME  EQUIVALENT  EMPLOYEES  IN  NEW  YORK  STATE, INCLUDING ANY RELATED
 MEMBERS OR AFFILIATES, (II) NOT BE A SOLE-PROPRIETORSHIP IF  SUCH  SOLE-
 PROPRIETOR'S PRIMARY BUSINESS LOCATION IS SITED IN OR PART OF SUCH SOLE-
 PROPRIETOR'S  PLACE  OF  RESIDENCE,  (III)  NOT BE CERTIFIED PURSUANT TO
 ARTICLE EIGHTEEN-B OF THE GENERAL MUNICIPAL LAW, AND (IV) NOT BE RECEIV-
 ING ANY ALLOCATION OR AWARD PURSUANT TO  ANY  PROGRAM  AUTHORIZED  UNDER
 ARTICLE SIX OF THE ECONOMIC DEVELOPMENT LAW.
   (C)  (I)  THE TERM "BUSINESS RELATED ELECTRICITY USAGE" SHALL REFER TO
 ELECTRICAL POWER USAGE USED TO FURTHER  THE  ECONOMIC  ACTIVITY  OF  THE
 TAXPAYER AT THE PRIMARY BUSINESS LOCATION THAT IS CLEARLY DELIMITED FROM
 ANY  SHARED ELECTRICAL POWER USAGE COST. (II) THE TERM "PRIMARY BUSINESS
 LOCATION" SHALL MEAN THE PHYSICAL SITE OF THE TAXPAYER WITHIN THE  STATE
 OF  NEW  YORK  WHERE THE MAJORITY OF THE TAXPAYER'S ECONOMIC ACTIVITY IS
 GENERATED OR COORDINATED THROUGH.   (III)  THE  TERM  "RELATED  MEMBERS"
 SHALL  HAVE  THE  SAME  MEANING  AS  SET FORTH IN CLAUSES (A) AND (B) OF
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09056-01-3
              

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