Bill > A07541

This bill enacts the "Microbusiness Resiliency and Growth Act", which defines a "microbusiness" as a business employing five or fewer persons, 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 for the first year, the sales tax paid is zero percent, and in the second year, it is two percent, with the profit generated on these sales tax reductions collected until the difference between the prior and current minimum wage is met. After the second year, sales taxes will return to four percent. Microbusinesses that elect to use or are required to have a segregated sales tax account must deduct the profit from the segregated sales tax account within one week of deposit. The bill also requires microbusiness owners to keep records of the number of employees, their wages, and the amount of sales tax reduction on a quarterly basis.