Microbusiness Resiliency and Growth Act defines microbusinesses and provides sales tax reductions for eligible businesses.

The Microbusiness Resiliency and Growth Act defines a microbusiness as a business employing five or fewer persons, resident in New York, independently owned and operated, not dominant in its field, and not primarily conducting business over the internet. The act provides a segregated sales tax system for such microbusinesses. For the first two years, sales tax on purchases from a microbusiness within its first five years of operation or with a gross profit of $500,000 or less in the prior tax year is zero percent in the first year and two percent in the second year.

Microbusiness Resiliency and Growth Act defines microbusinesses and provides sales tax reductions for eligible businesses.

The Microbusiness Resiliency and Growth Act defines a microbusiness as a business employing five or fewer persons, resident in New York, independently owned and operated, not dominant in its field, and not primarily conducting business over the internet. The act provides a segregated sales tax system for such microbusinesses. For the first two years, sales tax on purchases from a microbusiness within its first five years of operation or with a gross profit of $500,000 or less in the prior tax year is zero percent in the first year and two percent in the second year.