Bill > A03618

This bill establishes the New York State Small Business Relief Fund, which will provide financial assistance to small businesses that experienced significant economic hardship during the COVID-19 pandemic. Specifically, the bill allows taxpayers to voluntarily contribute additional money when filing their state income taxes, with those contributions being directed specifically to this new fund. The fund will provide grants to businesses with 100 or fewer employees that experienced a revenue loss greater than 40% between April and December of 2020 compared to the same period in the previous year. The bill requires the state tax commissioner to include a designated space on income tax returns for these voluntary contributions, and all funds collected will be jointly managed by the tax commissioner and state comptroller. The contributions are not tax-deductible and do not reduce the taxpayer's state tax liability. The primary goal is to provide targeted economic relief to small businesses that were most severely impacted by the pandemic-related economic downturn.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A3618