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NY A06022
Bill
Status
3/13/2013
Primary Sponsor
Joseph Giglio
Click for details
AI Summary
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Establishes a 25% tax credit for qualified capital investments in small businesses (fewer than 15 employees) located in villages or cities with populations under 35,000
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Credit applies to both business franchise tax under Section 606 and personal income tax under Section 210 of New York Tax Law
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Unused credits may be carried forward to subsequent tax years, subject to minimum tax requirements
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Credit cannot reduce tax liability below the higher of the amounts prescribed in subdivisions (C) and (D) of Section 210
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Effective January 1st following enactment for all taxable years commencing on or after that date
Legislative Description
Establishes business franchise and personal income tax credits for capital investments made in certain small businesses.
Last Action
held for consideration in ways and means
6/17/2014