Bill > S04646

This bill creates a small business electric energy tax credit in New York state. The credit amount 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, not be a sole proprietorship if the primary business location is the owner's residence, and not be receiving certain economic development incentives. The credit can reduce the taxpayer's tax liability, but any excess credit will be treated as an overpayment that can be refunded. The bill applies to taxable years beginning on or after January 1, 2023.