Bill > S09333

This bill exempts minority depository institutions, as defined by the federal Financial Institution Reform, Recovery, and Enforcement Act of 1989, from the corporate franchise tax in New York for a period of 10 years from the date the institution commences doing business. The bill aims to provide tax relief to these minority-owned financial institutions, which play an important role in serving underrepresented communities, in order to support their growth and development. The tax exemption will take effect for tax years starting on or after January 1, 2025.