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NY S09058
Bill
Status
10/19/2020
Primary Sponsor
Andrew Gounardes
Click for details
AI Summary
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Authorizes the Division of Small Business to make bulk purchases of personal protective equipment (PPE) and sell it at cost to small businesses, with PPE defined as equipment to minimize exposure to communicable diseases including gloves, masks, and faceshields.
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Creates a tax credit for small business employers equal to the full cost of PPE purchased for employee use under Tax Law Section 210-B (for corporate taxpayers) and Section 606 (for other business taxpayers).
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Allows excess tax credits that exceed a taxpayer's annual tax liability to be carried forward to subsequent tax years.
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Reduces future year credits by any previously allowed or carried-over credit amounts to prevent duplication.
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Takes effect immediately, with tax credit provisions applying to taxable years beginning on or after January 1, 2020.
Legislative Description
Provides assistance to small businesses in the procurement and purchase of personal protective equipment for employees; directs bulk purchasing of PPE by the division for small business; provides a tax credit for the cost of such PPE to small business employers.
Last Action
REFERRED TO RULES
10/19/2020