Bill > S08568

This bill establishes a tax credit of up to $5,000 for the purchase of personal protective equipment (PPE) by employers who employ 500 or fewer people in New York. The credit can be claimed against the state's corporate franchise tax and personal income tax. The bill defines PPE as equipment used to minimize exposure to communicable diseases, such as gloves, masks, and face shields. If the credit exceeds the taxpayer's tax liability for the year, the excess can be carried over to future years. The bill also requires taxpayers to reduce the credit for additional qualifying expenses in subsequent tax years by the amount of the credit previously claimed.