Bill > S07702

This bill creates a small business electric energy tax credit in New York state. The credit is equal to $0.02 per kilowatt hour of "business related electricity usage" at the taxpayer's primary business location. To be eligible, the business must have no more than 19 full-time equivalent employees in New York, cannot be a sole-proprietorship if the business is located at the owner's primary residence, and cannot be receiving certain economic development incentives. The credit can be claimed on the taxpayer's state corporate or personal income tax returns, and any excess credit can be treated as an overpayment to be refunded. The bill applies to taxable years beginning on or after January 1, 2019.