A 4618 —

Compared against the New York Consolidated Laws as published AI-generated reading aid — verify against the official bill.

This bill amends 1 section(s) of the New York Consolidated Laws: Section 210-B of the tax law.

• Section 210-B of the tax law

  61. Small business capital tax credit. (a) A taxpayer shall be allowed a credit, to be computed as provided in this subdivision, against the tax imposed by this article. Such credit shall be granted to any taxpay- er which is a small business when the small business is located in a village or in a city with a population of less than thirty-five thousand as determined by the most recent federal decennial census. The amount of the credit shall be equal to twenty-five percent of the sum of qualified investments in such small business, as determined by the commissioner. (b) For the purposes of this subdivision, the term "small business" means a business which employs less than fifteen employees. (c) The credit and carryovers of such credit allowed under this subdi- vision for any taxable year shall not, in the aggregate, reduce the tax due for such year to less than the higher of the amounts prescribed in paragraph (d) of subdivision one of section two hundred ten of this article. However, if the amount of credit or carryovers of such credit, or both, allowed under this subdivision for any taxable year reduces the tax to such amount, any amount of credit or carryovers of such credit thus not deductible in such taxable year may be carried over to the following year or years and may be deducted from the tax for such year or years. italics (lii) Small business Amount of credit under capital tax credit subdivision sixty-one of under subsection (qqq) section two hundred ten-B (qqq) Small business capital tax credit. (1) A taxpayer shall be allowed a credit, to be computed as provided in this subsection, against the tax imposed by this article. Such credit shall be granted to any taxpayer which is a small business when the small business is located in a village or in a city with a population of less than thirty-five thou- sand as determined by the most recent federal decennial census. The amount of the credit shall be equal to twenty-five percent of the sum of qualified investments in such small business, as determined by the commissioner. (2) For the purposes of this subsection, the term "small business" means a business which employs less than fifteen employees. (3) The credit and carryovers of such credit allowed under this subsection for any taxable year shall not, in the aggregate, reduce the tax due for such year to be less than the higher of the amounts prescribed in paragraph (d) of subdivision one of section two hundred ten of this chapter. However, if the amount of credit or carryovers of such credit, or both, allowed under this subsection for any taxable year reduces the tax to such amount, any amount of credit or carryovers of such credit thus not deductible in such taxable year may be carried over to the following year or years and may be deducted from the tax for such year or years.

  added