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Bill > S03961

NY S03961

NY S03961
Creates a small business electric energy tax credit; specifies that the amount of credit shall be equal to the product of $0.02 per kilowatt hour; sets limit of no more than 19 full-time employees in New York state; determines that if the business is located at the primary residence of a sole proprietor, the business is not eligible for the tax credit.

summary

Introduced
02/01/2021
In Committee
01/05/2022
Crossed Over
Passed
Dead
12/31/2022

Introduced Session

2021-2022 General Assembly

Bill Summary

Creates a small business electric energy tax credit; specifies that the amount of credit shall be equal to the product of $0.02 per kilowatt hour; sets limit of no more than 19 full-time employees in New York state; determines that if the business is located at the primary residence of a sole proprietor, the business is not eligible for the tax credit.

AI Summary

This bill creates a small business electric energy tax credit in New York state. The credit amount is $0.02 per kilowatt hour of business-related electricity usage at the taxpayer's primary business location. To be eligible, a business must have no more than 19 full-time equivalent employees in New York, cannot be a sole proprietorship with the business located at the owner's primary residence, and cannot be certified under certain economic development programs. The credit can be used to offset the taxpayer's state tax liability, 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, 2021.

Committee Categories

Budget and Finance

Sponsors (2)

Last Action

REFERRED TO BUDGET AND REVENUE (on 01/05/2022)
(1 Companion Bills)

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