New York Assembly Bill A02474 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 2474 2025-2026 Regular Sessions  IN ASSEMBLY January 17, 2025 ___________ Introduced by M. of A. BENDETT -- read once and referred to the Commit- tee on Ways and Means AN ACT to amend the tax law, in relation to establishing a small busi- ness tax credit for certain efforts taken to improve such small busi- ness's facility in an effort to reduce the spread of infectious diseases The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 210-B of the tax law is amended by adding a new 2 subdivision 61 to read as follows: 3 61. Small business tax credit; infectious disease mitigation. (a) 4 General. A taxpayer that is a small business shall be allowed a credit, 5 to be computed as provided in this subdivision, against the tax imposed 6 by this article for efforts taken to improve such taxpayer's facility in 7 an effort to reduce the spread of infectious diseases. 8 (b) Amount of credit. A credit authorized by this section shall be 9 equal to the amount of money spent by an eligible taxpayer to construct, 10 install, build, and/or equip such taxpayer's facility with new amenities 11 primarily intended to reduce the spread of infectious diseases, but 12 shall not exceed five thousand dollars total for each location where 13 such new amenities have been constructed, installed, built, and/or 14 equipped. 15 (c) Carryover. The credit allowed under this subdivision for any taxa- 16 ble year shall not reduce the tax due for such year to less than the 17 amount prescribed in paragraph (d) of subdivision one of section two 18 hundred ten of this article. However, if the amount of credit allowable 19 under this subdivision for any taxable year reduces the tax to such 20 amount or if the taxpayer otherwise pays tax based on the fixed dollar 21 minimum amount, any amount of credit not deductible in such taxable year 22 may be carried over to the following three years, and may be deducted 23 from the qualified employer's tax for such years. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03744-01-5 
 A. 2474 2 1 (d) Definitions. As used in this subdivision, the term "small busi- 2 ness" shall mean any business having fifty or fewer employees. 3 (e) Claim of credit. A taxpayer shall not be allowed to claim this 4 credit to the extent the basis of the calculation of this credit has 5 been claimed for another tax credit under this chapter. 6 § 2. Section 606 of the tax law is amended by adding a new subsection 7 (qqq) to read as follows: 8 (qqq) Small business tax credit; infectious disease mitigation. (1) 9 General. A taxpayer that is a small business shall be allowed a credit, 10 to be computed as provided in this subsection, against the tax imposed 11 by this article for efforts taken to improve such taxpayer's facility in 12 an effort to reduce the spread of infectious diseases. 13 (2) Amount of credit. A credit authorized by this section shall be 14 equal to the amount of money spent by an eligible taxpayer to construct, 15 install, build, and/or equip such taxpayer's facility with new amenities 16 primarily intended to reduce the spread of infectious diseases, but 17 shall not exceed five thousand dollars total for each location where 18 such new amenities have been constructed, installed, built, and/or 19 equipped. 20 (3) Carryover. The credit allowed under this subsection for any taxa- 21 ble year shall not reduce the tax due for such year to less than the 22 amount prescribed in paragraph (d) of subdivision one of section two 23 hundred ten of this chapter. However, if the amount of credit allowable 24 under this subsection for any taxable year reduces the tax to such 25 amount or if the taxpayer otherwise pays tax based on the fixed dollar 26 minimum amount, any amount of credit not deductible in such taxable year 27 may be carried over to the following three years, and may be deducted 28 from the qualified employer's tax for such years. 29 (4) Definitions. As used in this subsection, the term "small business" 30 shall mean any business having fifty or fewer employees. 31 (5) Claim of credit. A taxpayer shall not be allowed to claim this 32 credit to the extent the basis of the calculation of this credit has 33 been claimed for another tax credit under this chapter. 34 § 3. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 35 of the tax law is amended by adding a new clause (lii) to read as 36 follows: 37 (lii) Small business tax credit; Amount of credit under 38 infectious disease mitigation subdivision sixty-one of 39 under subsection (qqq) section two hundred 40 ten-B 41 § 4. This act shall take effect on the first of January next succeed- 42 ing the date on which it shall have become a law.