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Bill > S03614
NY S03614
NY S03614Exempts minority depository institutions from the corporate franchise tax for a period of ten years from the date of commencement of business.
summary
Introduced
01/29/2025
01/29/2025
In Committee
01/29/2025
01/29/2025
Crossed Over
Passed
Dead
Introduced Session
2025-2026 General Assembly
Bill Summary
AN ACT to amend the tax law, in relation to exempting minority depository institutions from the corporate franchise tax for a period of ten years
AI Summary
This bill provides a corporate franchise tax exemption for minority depository institutions (MDIs) for a period of ten years from the date they begin business operations. A minority depository institution is a financial institution defined under the Federal Financial Institution Reform, Recovery, and Enforcement Act of 1989, which typically refers to banks where at least 51% of the stock is owned by minority group members or that primarily serves minority communities. The tax exemption would apply to tax years starting on or after January 1, 2026, and aims to support and encourage the growth of financial institutions that serve underrepresented communities by providing them with a significant financial incentive through reduced tax burden during their initial decade of operations. By amending the tax law to include this new provision, the bill seeks to create a more supportive environment for minority-owned or minority-focused banks to establish and expand their businesses in New York state.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
REFERRED TO BUDGET AND REVENUE (on 01/29/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
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State Bill Page | https://www.nysenate.gov/legislation/bills/2025/S3614 |
BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S03614&term=2025&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S03614 |
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