Assembly Actions -
Senate Actions - UPPERCASE
|Feb 13, 2023||
referred to budget and revenue
Senate Bill S4646
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-S4646 (ACTIVE) - Details
2023-S4646 (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-S4646 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4646 SPONSOR: KENNEDY TITLE OF BILL: An act to amend the tax law, in relation to a small business electric energy tax credit SUMMARY OF PROVISIONS: Section 1 amends Section 210-b of the Tax Law, relating to franchise taxes on business corporations, by adding a new subdivision 46 creating a small business electric energy tax credit. The section defines eligi- bility and other restrictions and requirements, and provides for a tax credit equal to the product of two cents per kilowatt hour for all busi- ness-related electricity usage at the taxpayer's primary business location. Section 2 amends Section 606 of the Tax Law, relating to personal income tax, by adding a new subsection (w). This subsection provides for a small business electric energy tax credit. The section defines eligibil- ity and other restrictions and requirements, and provides for a tax credit equal to the product of two cents per kilowatt hour for all busi-
2023-S4646 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4646 2023-2024 Regular Sessions I N S E N A T E February 13, 2023 ___________ Introduced by Sen. KENNEDY -- 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 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 SUBPARAGRAPH ONE OF PARAGRAPH (O) OF SUBDIVISION NINE OF SECTION TWO EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09056-01-3
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