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- Referred to investigations and government operations
- Referred to investigations and government operations
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Title of bill
An act to amend the tax law, in relation to a small business electric energy tax credit
Summary of provisions
This bill amends the Tax Law.
Section 1 amends Section 210 of the Tax Law, relating to franchise taxes on business corporations, by adding a new subdivision 41 creating a small business electric energy tax credit. The section defines eligibility and other restrictions and requirements, and provides for a tax credit equal to the product of two cents per kilowatt hour for all business-related electricity usage at the taxpayer's primary business location.
Section 2 amends Section 606 of the Tax Law, relating to personal income tax, by adding a new subsection (qq). This subsection provides for a small business electric energy tax credit. The section defines eligibility and other restrictions and requirements, and provides for a tax credit equal to the product of two cents per kilowatt hour for all business-related electricity usage at the taxpayer's primary business location.
Section 3 amends subparagraph (B) of subdivision 1 of subsection (i) of Section 606 of the tax law, relating to S corporations, adds the small business electricity energy credit under subsection (qq).
Section 4 provides that this act shall take effect immediately and shall apply for taxable years beginning after January 1, 2010, further providing that the empire state film production credit under subsection (gg), the empire state commercial production credit under subsection (jj) and the credit for companies who provide transportation to individuals with disabilities under subsection (00) of section 606 of the Tax Law contained in section 3 of this act shall expire on the same date as provided in section 9 of part P of Chapter 60 of the Laws of 2004, as amended, section 10 of part v of Chapter 62 of the Laws of 2006, as amended and section 5 of Chapter 522 of the Laws of2006, as amended, respectively.
Purpose and justification
Small businesses are critical to the economic health and growth of our state. Small businesses are a powerful engine of new job growth, and a source of innovation that will keep our state competitive around the world. Energy costs have risen faster than many small businesses could have predicted or planned for, and as a result, many find themselves under financial pressure.
The bill applies to companies with less than 20 employees. It is estimated that 386,000 businesses employing 1.4 million New Yorkers will be impacted by this legislation. This bill will help to offset these increased costs by offering a tax credit, and help to ensure that our small businesses will remain healthy and productive. These tax credits will also help to hold overhead down and make our small businesses better able to compete both nationally and internationally.
Prior legislative history
2006 - S.6566 -- PASSED SENATE 2007 - S.1671 -- PASSED SENATE 2008 - S.1671 -- PASSED SENATE/Ways & Means
FISCAL IMPLICATIONS :; To be determined.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.