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NY A00761
Bill
Status
1/9/2013
Primary Sponsor
Marcos Crespo
Click for details
AI Summary
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Creates a tax credit of two cents per kilowatt hour for eligible small businesses' electricity usage at their primary New York location, capped at $1,000 per taxable year.
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Limits eligibility to businesses with no more than 19 full-time equivalent employees in New York State and excludes sole proprietorships operating from residences, businesses certified under Article 18-B of General Municipal Law, and recipients of certain economic development awards.
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Defines "business related electricity usage" as electrical power used for the taxpayer's economic activity at the primary business location, clearly separated from shared power usage costs, verified through utility bills or usage charts.
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Applies the credit against income tax liability, with excess credits treated as overpayments to be refunded without interest.
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Takes effect January 1 of the year following enactment for both individual income tax (Article 210) and corporate franchise tax (Article 606) purposes.
Legislative Description
Creates a small business electric energy tax credit; the term "business related electricity usage" shall refer to electrical power usage to further the economic activity of the taxpayer at the primary business location that is clearly delimited from any shared electrical power usage cost.
Last Action
held for consideration in ways and means
6/17/2014