Senate Bill S4871

2023-2024 Legislative Session

Relates to a business tax credit for purchase of data breach insurance

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

2023-S4871 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: S4615
2019-2020: S2821
2021-2022: S2087

2023-S4871 (ACTIVE) - Summary

Relates to a business tax credit for purchase of data breach insurance.

2023-S4871 (ACTIVE) - Sponsor Memo

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
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.