NY A03776

Creates a small business capital tax credit equal to 25 percent of qualified investments for businesses with fewer than 15 employees located in villages or cities with populations under 35,000.

Applies the credit against both business franchise tax (under Tax Law Section 210) and personal income tax (under Tax Law Section 606).

Limits credit use so it cannot reduce tax liability below the higher of two minimum amounts, but unused credits may be carried forward to future tax years.

Takes effect January 1 following enactment and applies to taxable years beginning on or after that date.