Bill > A08752

This bill proposes a tax exemption for small businesses in New York State that employ twenty or fewer employees, specifically exempting the first fifty thousand dollars of their income from taxation. The legislation amends two sections of the tax law (Sections 210 and 601) to create a new provision that provides tax relief for very small businesses. By targeting businesses with a low employee count, the bill aims to support small enterprises and potentially encourage business growth and job creation. The tax exemption will take effect for taxable years beginning on or after January 1, 2027, giving businesses and tax authorities time to prepare for the implementation of this new tax provision. The bill represents a targeted approach to providing financial support to small businesses by reducing their tax burden on the initial portion of their income.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A8752