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Bill > A05250

NY A05250

NY A05250
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
02/12/2021
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 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 located at the owner's residence, and cannot be receiving certain other economic development incentives. The credit can be claimed against both the corporate franchise tax (Article 9-A) and the personal income tax (Article 22). Any excess credit can be treated as an overpayment to be refunded, but no interest will be paid on the refund.

Committee Categories

Budget and Finance

Sponsors (13)

Last Action

referred to ways and means (on 01/05/2022)
(1 Companion Bills)

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