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Sponsors
Senator · Senate District 61
History
- Referred to investigations and government operations
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Creates a small business electric energy tax credit
In Assembly Committee · Ways And Means · Sponsor Marcos Crespo
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S866
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 49 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, with a cap of $1,000 per taxable year.
Section 2 amends Section 606 of the Tax Law, relating to personal income tax, by adding a new subsection (ccc). 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 paragraph 1 of subsection (i) of Section 606 of the Tax Law, relating to S corporations, adds a new clause (xli) regarding the small business electricity energy credit under subsection (ccc).
Section 4 provides that this act shall take effect on the first of January next succeeding the date on which it shall have become law and shall apply for taxable years beginning such date.
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 2010 - S.2987 -- INVESTIGATIONS 2011-12 - S.3191-A/A.10122 -- RULES/Ways & Means 2013-14 - S.1694-A/A.761-B - INVESTIGATIONS/Ways & Means
Fiscal implications
To be determined.
Effective date
This act shall take effect the first of January next succeeding.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.