Bill > S05992

This bill creates a new small business electric energy tax credit for businesses in New York state with specific eligibility requirements. The tax credit allows eligible businesses to receive two cents per kilowatt hour for business-related electricity usage, with the key condition that the business must have no more than 19 full-time equivalent employees in New York state. Businesses located in a sole proprietor's primary residence are explicitly excluded from receiving the credit. To qualify, businesses cannot be certified under certain municipal law provisions or receiving awards from economic development programs. The bill defines "business related electricity usage" as electrical power used to further the business's economic activity at its primary business location, which must be a distinct physical site where the majority of the business's economic activity occurs. The credit can be applied against the business's tax liability, and if the credit amount exceeds the tax owed, the excess can be treated as an overpayment and potentially refunded. The tax credit will take effect for taxable years beginning on or after January 1, 2025, providing a financial incentive for small businesses to manage and potentially reduce their electricity costs.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S5992