Bill > S09249

This bill establishes the New York Rural Growth Fund Tax Credit and the New York Rural Growth Fund to incentivize investment in rural businesses within New York State. Individuals or entities that develop a business plan for investing in rural businesses and successfully secure private investors for capital contributions can apply to the Department of Economic Development for certification as a "rural business growth fund." If approved, these funds will be eligible to receive tax credits totaling seventy percent of their "eligible investment authority," which is the total amount they are authorized to invest. These tax credits, issued via "tax credit certificates," can be claimed by investors over a seven-year period against their state taxes, with specific rules for how and when they can be utilized and carried forward. The bill also outlines criteria for what constitutes a "rural business" and a "rural growth investment," as well as requirements for the rural business growth funds to invest their capital and report on their activities, with penalties for non-compliance, including revocation of tax credits. A dedicated "New York Rural Growth Fund" will be established in the State Finance Law to receive application fees and other funds for the purpose of supporting this tax credit program.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S9249