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NY S06696

Bill

Official Source

Status

Engrossed

6/22/2010

Primary Sponsor

Brian Foley

Click for details

Origin

Senate

2009-2010 General Assembly

AI Summary

  • Establishes a tax credit for businesses with 100 or fewer employees that pay guaranty fees to the U.S. Small Business Administration (SBA) for SBA 7(a) guaranteed loans
  • Credit applies to guaranty fees paid on or after January 1, 2011
  • Prohibits credit claims if the lender adds the SBA guaranty fee to the amount financed or otherwise recovers the fee from the borrower
  • Allows unused credits to be carried forward for up to five subsequent tax years, with a limitation that credits cannot reduce tax liability below zero
  • Applies to both corporation franchise tax (Section 210) and personal income tax (Section 606) 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

referred to ways and means

6/23/2010

Committee Referrals

Ways and Means6/23/2010
Rules6/22/2010
Investigations and Government Operations1/28/2010

Full Bill Text

No bill text available