New York bill S03614 proposes a ten-year exemption from the corporate franchise tax for minority depository institutions.

New York bill S03614 amends the tax law to exempt minority depository institutions from the corporate franchise tax for a period of ten years from the date they commence doing business. The bill defines a minority depository institution as per the federal Financial Institution Reform, Recovery, and Enforcement Act of 1989. The tax exemption will apply to tax years commencing on and after January 1, 2026.

New York bill S03614 proposes a ten-year exemption from the corporate franchise tax for minority depository institutions.

New York bill S03614 amends the tax law to exempt minority depository institutions from the corporate franchise tax for a period of ten years from the date they commence doing business. The bill defines a minority depository institution as per the federal Financial Institution Reform, Recovery, and Enforcement Act of 1989. The tax exemption will apply to tax years commencing on and after January 1, 2026.