A05443 Summary:

BILL NO    A05443 

SAME AS    No same as 

SPONSOR    Giglio (MS)

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
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A05443 Votes:

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

BILL NUMBER:A5443

TITLE OF BILL:

An act to amend the tax law, in relation to establishing business
franchise 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
subdivision 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
businesses 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
businesses. 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:

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________

                                         5443

                              2015-2016 Regular Sessions

                                 I N  A S S E M B L Y

                                   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    S  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    S  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    S 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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