Bill > A08256

This bill establishes a reduced sales tax rate of 2.5% for qualified small businesses in New York State. A "qualified small business" is defined as a business that is resident in the state, independently owned and operated, not dominant in its field, employs 50 or fewer persons, and earned less than an amount in gross sales revenue (to be determined by the Commissioner) in the preceding year. The reduced rate does not apply to the sale of certain products such as alcoholic beverages, cigarettes and tobacco, firearms, and motor fuel. The bill will take effect on January 1st following the date it becomes law and will apply to taxable years commencing on and after that date.