Bill > A04618

This bill establishes a new tax credit for small businesses located in villages or small cities with populations under 35,000, designed to incentivize capital investments. Specifically, the bill provides a tax credit equal to 25% of qualified investments for businesses that employ fewer than 15 employees. The tax credit can be applied to both business franchise and personal income taxes, and if the credit amount would reduce a business's tax liability below a certain threshold, the remaining credit can be carried forward to future tax years. The credit aims to support economic development in smaller communities by providing financial incentives for small businesses to invest in their operations. The bill will take effect on the first day of January following its passage and will apply to taxable years starting on or after that date, giving businesses time to plan and take advantage of the new tax credit opportunity.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A4618