Bill > S02821

This bill creates a new business tax credit for New York businesses that purchase data breach insurance. The credit is equal to 25% of the premium paid for the qualified data breach insurance during the taxable year. To qualify for the credit, businesses must either adopt and comply with the cybersecurity framework published by the National Institute of Standards and Technology or a similar standard specified by the state comptroller. The credit is not available to businesses with more than 100 employees. The bill also specifies certain conditions for how the insurance premium can be accounted for and the credit claimed. The provisions of the bill are set to expire and be repealed after 5 years.