NY A06522

Establishes a small business capital tax credit equal to 25 percent of qualified investments made in eligible small businesses located in villages or cities with populations under 35,000.

Defines "small business" as any business employing fewer than 15 employees.

Applies the credit to both franchise tax (Article 9-A) and personal income tax (Article 22) filers, with unused credits permitted to carry forward to subsequent tax years.

Prevents the credit from reducing total tax liability below the minimum amounts prescribed in existing law, with any excess credit amounts carried to following years.

Takes effect January 1 of the year following enactment and applies to all taxable years commencing on or after that date.