New York A04618 establishes business franchise and personal income tax credits for capital investments in certain small businesses.

New York A04618 amends the tax law to establish tax credits for capital investments in small businesses. The bill provides a credit equal to 25% of qualified investments in small businesses located in villages or cities with populations under 35,000. A small business is defined as one employing fewer than 15 employees. The credit can be carried over to subsequent years if not fully used, but cannot reduce the tax due below a specified amount. The changes apply to taxable years beginning after the bill's effective date.

New York A04618 establishes business franchise and personal income tax credits for capital investments in certain small businesses.

New York A04618 amends the tax law to establish tax credits for capital investments in small businesses. The bill provides a credit equal to 25% of qualified investments in small businesses located in villages or cities with populations under 35,000. A small business is defined as one employing fewer than 15 employees. The credit can be carried over to subsequent years if not fully used, but cannot reduce the tax due below a specified amount. The changes apply to taxable years beginning after the bill's effective date.