Establishes a reduced sales tax rate for small businesses in New York.

The bill amends the tax law to establish a reduced sales tax rate of 2.5% for small businesses in New York. To qualify, a business must be resident in the state, independently owned and operated, not dominant in its field, employ fifty or less persons, and earn less than a specified amount in gross sales revenue in the preceding year. The reduced rate applies to retail sales of tangible personal property, excluding certain products like alcoholic beverages, cigarettes, firearms, and motor fuels. The act will take effect on January 1 of the year following its enactment.

Establishes a reduced sales tax rate for small businesses in New York.

The bill amends the tax law to establish a reduced sales tax rate of 2.5% for small businesses in New York. To qualify, a business must be resident in the state, independently owned and operated, not dominant in its field, employ fifty or less persons, and earn less than a specified amount in gross sales revenue in the preceding year. The reduced rate applies to retail sales of tangible personal property, excluding certain products like alcoholic beverages, cigarettes, firearms, and motor fuels. The act will take effect on January 1 of the year following its enactment.