Assembly Actions -
Senate Actions - UPPERCASE
|Feb 16, 2023||
referred to budget and revenue
Senate Bill S4871
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-S4871 (ACTIVE) - Details
2023-S4871 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4871 SPONSOR: ASHBY TITLE OF BILL: An act to amend the tax law, in relation to a business tax credit for purchase of data breach insurance; and providing for the repeal of such provisions upon expiration thereof PURPOSE OR GENERAL IDEA OF BILL: This bill would create a data breach insurance tax credit for small businesses. SUMMARY OF PROVISIONS: Sections 1, 2 and 3: Establishes the Data Breach Insurance tax credit within three parts of the tax law, laying out the requirements for qual- ification and the technical compliances required. Defines small business as employing 100 or less employees. Section 4: Establishes the effective date.
2023-S4871 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4871 2023-2024 Regular Sessions I N S E N A T E February 16, 2023 ___________ Introduced by Sen. ASHBY -- 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 business tax credit for purchase of data breach insurance; and providing for the repeal of such provisions upon expiration thereof 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. DATA BREACH INSURANCE CREDIT. (A) A TAXPAYER THAT IS A BUSINESS OR OWNER OF A BUSINESS SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE EQUAL TO TWENTY-FIVE PERCENT OF THE PREMIUM PAID DURING THE TAXABLE YEAR FOR QUALIFIED DATA BREACH INSURANCE. FOR PURPOSES OF THIS SECTION, THE TERM "QUALIFIED DATA BREACH INSURANCE" MEANS COVERAGE PROVIDED BY AN INSURANCE COMPANY FOR EXPENSES OR LOSSES IN CONNECTION WITH THE THEFT, LOSS, DISCLOSURE, INACCESSIBILITY, OR MANIPULATION, OF DATA. (B) IN ORDER TO QUALIFY FOR SUCH CREDIT, TAXPAYERS SHALL ADOPT AND BE IN COMPLIANCE WITH ONE OF THE FOLLOWING: (1) VERSION 1.0 OF THE FRAMEWORK FOR IMPROVING CRITICAL INFRASTRUCTURE CYBERSECURITY PUBLISHED BY THE NATIONAL INSTITUTE OF STANDARDS AND TECH- NOLOGY AS IN EFFECT ON FEBRUARY TWELFTH, TWO THOUSAND FOURTEEN OR SUBSE- QUENT VERSIONS OR ITERATIONS; OR (2) ANY SIMILAR STANDARD SPECIFIED BY THE STATE COMPTROLLER, AFTER CONSULTATION WITH THE DIRECTOR OF THE OFFICE OF INFORMATION TECHNOLOGY SERVICES. (C) IN THE CASE OF INSURANCE COVERAGE UNDER WHICH AMOUNTS ARE PAYABLE FOR OTHER THAN EXPENSES OR LOSSES DESCRIBED IN PARAGRAPH (A) OF THIS SUBDIVISION: (1) NO AMOUNT SHALL BE TREATED AS PREMIUMS FOR QUALIFIED DATA BREACH INSURANCE UNLESS THE CHARGE FOR SUCH INSURANCE IS EITHER SEPARATELY EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09237-01-3
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