Bill > S06892

This bill enacts the "microbusiness resiliency and growth act" and defines a "microbusiness" as a business employing five or fewer persons, that is resident in New York State, is independently owned and operated, is not dominant in its field, and does not conduct its business transactions primarily over the internet. The bill further provides for a segregated sales tax system for such microbusinesses, where they pay a reduced sales tax rate of 0% in the first year and 2% in the second year, up to the difference between the prior and current minimum wage. After the second year, the sales tax rate returns to the standard 4%. Microbusinesses must keep records of their employees, wages, and the amount of sales tax reduction on a quarterly basis.