Establishes the New York rural growth fund tax credit and fund; allows tax credits for investments in rural businesses.

The bill establishes the New York rural growth fund tax credit and fund. It allows a nonrefundable tax credit for investors in rural businesses. To qualify, applicants must develop a business plan, solicit private investors, and meet certain criteria. If approved by the Department of Economic Development, tax credits equal to 70% of the eligible investment authority are issued. The fund has limits on investment authority and tax credits. It requires annual reports, imposes penalties for non-compliance, and outlines procedures for revoking tax credit certificates.

Establishes the New York rural growth fund tax credit and fund; allows tax credits for investments in rural businesses.

The bill establishes the New York rural growth fund tax credit and fund. It allows a nonrefundable tax credit for investors in rural businesses. To qualify, applicants must develop a business plan, solicit private investors, and meet certain criteria. If approved by the Department of Economic Development, tax credits equal to 70% of the eligible investment authority are issued. The fund has limits on investment authority and tax credits. It requires annual reports, imposes penalties for non-compliance, and outlines procedures for revoking tax credit certificates.