Bill > S07014

This bill provides a tax exemption for small businesses with 20 or fewer employees, specifically allowing the first $50,000 of their income to be exempt from taxation. The bill amends two sections of the tax law (Sections 210 and 601) to implement this exemption, which would apply to taxable years beginning on or after January 1, 2027. By targeting businesses with a small number of employees, the legislation aims to provide financial relief and potentially support small business growth by reducing their tax burden. The exemption would apply equally across different types of businesses, effectively giving these smaller enterprises a tax break on their initial $50,000 of income, which could help reduce operational costs and potentially encourage business formation or expansion among smaller organizations.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S7014