Bill > S04871

This bill amends the New York tax law to provide a 25% tax credit to businesses for the purchase of "qualified data breach insurance" - insurance coverage for 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 similar standards specified by the state comptroller. The credit is not available to businesses with more than 100 employees. The bill is effective immediately and will remain in effect for five years.