Bill > S02087

This bill amends the tax law to provide a 25% tax credit to businesses for the purchase of "qualified data breach insurance" that covers expenses or losses related to the theft, loss, disclosure, inaccessibility, or manipulation of data. To qualify for the credit, businesses must adopt and comply with cybersecurity standards set 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 over 100 employees. The bill will take effect immediately and remain in effect for 5 years before expiring.