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NY S07650
Bill
Status
Engrossed
6/18/2012
Primary Sponsor
Dean Skelos
Click for details
AI Summary
- Allows a credit against tax equal to 6.65% of qualified business income for sole proprietors with net business income under $250,000 who employ one or more persons
- Defines qualified business income as 10% of the taxpayer's business income as defined under United States law
- Excess credits above tax liability are treated as overpayments and refunded without interest
- Modifies tax brackets for taxable years beginning January 1, 2013 onward, reducing rates for individuals with net income bases under $390,000
- Establishes new S corporation minimum tax table for taxable years beginning January 1, 2013, with fixed dollar minimums ranging from $1 to $5,000 based on New York receipts
Legislative Description
Establishes a small business tax credit.
Last Action
referred to ways and means
6/18/2012
Committee Referrals
Ways and Means6/18/2012
Rules6/11/2012
Full Bill Text
No bill text available