Bill > A04387

This bill creates a small business electric energy tax credit in New York. The credit is equal to $0.02 per kilowatt hour of business-related electricity usage at the taxpayer's primary business location, with a limit of no more than 19 full-time employees in New York state. The bill excludes sole proprietorships where the primary business location is the owner's residence, as well as businesses receiving certain economic development incentives. The credit can offset the taxpayer's state tax liability, with any excess treated as an overpayment to be refunded. The bill is effective for taxable years beginning on or after January 1, 2023.