Bill > S01093

This bill amends New York state tax law to prohibit corporations that have received federal emergency economic assistance (federal bailouts or stimulus funds) from receiving New York state tax credits for three years after conducting stock buybacks. Specifically, the bill defines a "federal emergency economic assistance recipient" as any corporation that has received federal bailout or stimulus funds, and establishes that such recipients are barred from applying for or receiving any New York state tax credits if they purchase, redeem, or reacquire their own shares within the three-year period. If a corporation attempts to obtain tax credits in violation of this prohibition, they may be subject to a civil penalty of three times the amount of the tax credit, which can be imposed by the attorney general. The intent of the bill appears to be discouraging corporations that receive government financial assistance from using those funds for stock buybacks that primarily benefit shareholders and corporate executives rather than workers or business operations.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S1093