Loading chat...
NY A05247
Bill
Status
2/11/2009
Primary Sponsor
Ro Ann Destito
Click for details
AI Summary
-
Establishes a tax credit for businesses with 100 or fewer employees against income and corporate taxes for SBA guaranty fees paid on SBA 7(A) guaranteed loans and SBA guaranteed financing.
-
Credit applies to guaranty fees paid on or after January 1, 2011.
-
Businesses cannot claim the credit if the bank or credit union adds the SBA guaranty fee to the loan amount or recovers the fee from the borrower in any other manner.
-
Unused credits may be carried forward for up to five succeeding taxable years but cannot reduce tax liability below zero.
-
Applies to both Article 22 corporate franchise tax and Article 9 personal income tax purposes.
Legislative Description
Establishes a small business tax credit for SBA guaranty fees paid by a taxpayer in connection with obtaining financing from the U.S. small business administration.
Last Action
held for consideration in ways and means
7/1/2010