A05443 Summary:

BILL NO    A05443 

SAME AS    No Same as 

SPONSOR    Giglio

COSPNSR    Kolb, Raia, Hawley, DiPietro

MLTSPNSR   Barclay, Crouch, Curran, McDonough, McKevitt

Amd SS210-B & 606, Tax L

Establishes business franchise and personal income tax credits for capital
investments made in certain small businesses.
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A05443 Actions:

BILL NO    A05443 

02/23/2015 referred to ways and means
01/06/2016 referred to ways and means
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A05443 Votes:

There are no votes for this bill in this legislative session.
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A05443 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A5443
 
SPONSOR: Giglio (MS)
  TITLE OF BILL: An act to amend the tax law, in relation to establishing business fran- chise and personal income tax credits for certain small businesses in a village or small city   PURPOSE OR GENERAL IDEA OF BILL: This legislation would establish a tax credit of up to 25% to any small business, with less than 15 employees, located in a village or city with a population fewer than 35,000 people.   SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends Section 210-b of the tax law by adding a new subdivi- sion 49. Section 2 amends Subparagraph B of paragraph 1 of subsection i of Section 606 of the tax law is amended by adding clause xli. Section 3 amends Section 606 of the tax law is amended by adding a new subsection ccc. Section 4 provides that this act shall take effect on the 1st of January after it shall have become law.   JUSTIFICATION: As the prevalence of shopping malls, super centers, strip malls and one-stop-shopping areas grows it becomes increasingly difficult to own and operate a small business. Consequently the number of small busi- nesses located in the downtown areas of villages and small cities has declined. By providing small businesses with a tax credit we can not only help existing businesses, but aide in the creation of new busi- nesses. As a result we can revitalize and rejuvenate the struggling downtown areas of these villages and small cities.   PRIOR LEGISLATIVE HISTORY: 2006: A.11660 (Giglio) 2008: A.2710a (Giglio) 2010: A.6522 (Giglio) 2012: A3776 (Giglio) 2014: A6022 (Giglio)   FISCAL IMPLICATIONS: Minimal.   EFFECTIVE DATE: The first of January next succeeding the date on which it shall become law and shall apply to taxable years on or after such date.
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A05443 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5443
 
                               2015-2016 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 23, 2015
                                       ___________
 
        Introduced  by M. of A. GIGLIO, KOLB, RAIA, HAWLEY -- Multi-Sponsored by
          -- M. of A. BARCLAY, CROUCH, CURRAN, McDONOUGH, McKEVITT -- read  once
          and referred to the Committee on Ways and Means
 
        AN  ACT to amend the tax law, in relation to establishing business fran-
          chise and personal income tax credits for certain small businesses  in
          a village or small city
 
          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 49 to read as follows:
     3    49. Small business capital tax credit. (a) A taxpayer shall be allowed
     4  a  credit,  to  be computed as provided in this subdivision, against the
     5  tax imposed by this article. Such credit shall be granted to any taxpay-
     6  er which is a small business when the small business  is  located  in  a
     7  village or in a city with a population of less than thirty-five thousand
     8  as determined by the most recent federal decennial census. The amount of
     9  the credit shall be equal to twenty-five percent of the sum of qualified
    10  investments in such small business, as determined by the commissioner.
    11    (b)  For  the  purposes of this subdivision, the term "small business"
    12  means a business which employs less than fifteen employees.
    13    (c) The credit and carryovers of such credit allowed under this subdi-
    14  vision for any taxable year shall not, in the aggregate, reduce the  tax
    15  due  for  such year to less than the higher of the amounts prescribed in
    16  paragraph (d) of subdivision one of section  two  hundred  ten  of  this
    17  article.  However, if the amount of credit or carryovers of such credit,
    18  or both, allowed under this subdivision for any taxable year reduces the
    19  tax to such amount, any amount of credit or carryovers  of  such  credit
    20  thus  not  deductible  in  such  taxable year may be carried over to the
    21  following year or years and may be deducted from the tax for  such  year
    22  or years.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07077-01-5

        A. 5443                             2
 
     1    §  2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
     2  of the tax law is amended by adding  a  new  clause  (xli)  to  read  as
     3  follows:
     4  (xli) Small business                 Amount of credit under
     5  capital tax credit                   subdivision forty-nine of
     6  under subsection (ccc)               section two hundred ten-B
     7    §  3. Section 606 of the tax law is amended by adding a new subsection
     8  (ccc) to read as follows:
     9    (ccc) Small business capital tax  credit.  (1)  A  taxpayer  shall  be
    10  allowed a credit, to be computed as provided in this subsection, against
    11  the  tax  imposed  by  this article. Such credit shall be granted to any
    12  taxpayer which is a small business when the small business is located in
    13  a village or in a city with a population of less than thirty-five  thou-
    14  sand  as  determined  by  the most recent federal decennial census.  The
    15  amount of the credit shall be equal to twenty-five percent of the sum of
    16  qualified investments in such  small  business,  as  determined  by  the
    17  commissioner.
    18    (2)  For  the  purposes  of this subsection, the term "small business"
    19  means a business which employs less than fifteen employees.
    20    (3) The credit and  carryovers  of  such  credit  allowed  under  this
    21  subsection  for any taxable year shall not, in the aggregate, reduce the
    22  tax due for such year  to  be  less  than  the  higher  of  the  amounts
    23  prescribed  in  paragraph  (d) of subdivision one of section two hundred
    24  ten of this chapter.  However, if the amount of credit or carryovers  of
    25  such credit, or both, allowed under this subsection for any taxable year
    26  reduces  the  tax  to such amount, any amount of credit or carryovers of
    27  such credit thus not deductible in such taxable year may be carried over
    28  to the following year or years and may be deducted from the tax for such
    29  year or years.
    30    § 4. This act shall take effect on the first of January next  succeed-
    31  ing  the  date  on  which  it shall have become a law and shall apply to
    32  taxable years commencing on or after such date.
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