Establishes a reduced sales tax rate for small businesses which reside in the state and are independently owned and operated, not dominant in its field and employs fifty or less persons.
STATE OF NEW YORK
________________________________________________________________________
8256
2023-2024 Regular Sessions
IN ASSEMBLY
November 15, 2023
___________
Introduced by M. of A. VANEL -- read once and referred to the Committee
on Ways and Means
AN ACT to amend the tax law, in relation to establishing a reduced sales
tax rate for certain small businesses
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The tax law is amended by adding a new section 1105-C to
2 read as follows:
3 § 1105-C. Reduced tax rate for small businesses. (a) Notwithstanding
4 any provision of this article to the contrary, the taxes imposed by
5 subdivision (a) of section eleven hundred five of this part on the
6 receipts from every retail sale of tangible personal property shall be
7 paid at the rate of two and one-half percent where such sale is made by
8 a qualified small business. The provisions of this subdivision shall not
9 apply to the sale of alcoholic beverages, cigarettes and tobacco
10 products as defined in section four hundred seventy of this chapter,
11 firearms, rifles and shotguns as such terms are defined in 18 U.S.C.
12 921, motor fuel or diesel motor fuel, and any other product or class of
13 product which have a rate of tax set explicitly by this chapter for such
14 product or class of products.
15 (b) As used in this section, the term "qualified small business" shall
16 mean a business which is resident in this state, independently owned and
17 operated, not dominant in its field, employs fifty or less persons, and
18 earned less than an amount in gross sales revenue, as to be determined
19 by the commissioner, in the preceding year.
20 § 2. This act shall take effect on the first of January next succeed-
21 ing the date on which it shall have become a law and shall apply to
22 taxable years commencing on and after such date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD13525-02-3
