Assembly Actions -
Senate Actions - UPPERCASE
|Feb 07, 2023||
referred to budget and revenue
Senate Bill S4301
2023-2024 Legislative Session
Current Bill Status - In Senate Committee Budget And Revenue Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2023-S4301 (ACTIVE) - Details
2023-S4301 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4301 SPONSOR: ASHBY 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 OR GENERAL IDEA OF BILL: 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 subdivision 55 which would: Allow a taxpayer that is a small business a credit against taxes imposed
2023-S4301 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4301 2023-2024 Regular Sessions I N S E N A T E February 7, 2023 ___________ Introduced by Sens. ASHBY, PALUMBO -- 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 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07675-01-3 S. 4301 2
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