Establishes a small business tax credit for certain efforts taken to improve such small business's facility in an effort to reduce the spread of infectious diseases.
Summary
Bill S05647 proposes the establishment of a small business tax credit in New York aimed at incentivizing small businesses to improve their facilities to mitigate the spread of infectious diseases. The bill allows eligible small businesses, defined as those with fifty or fewer employees, to claim a tax credit equal to the expenses incurred for constructing, installing, or equipping their facilities with new amenities designed for this purpose. The maximum credit is capped at five thousand dollars per location, and any unused credit can be carried over for up to three years.
Impact
If enacted, this bill would amend the New York tax law to introduce a new tax credit specifically for small businesses that invest in facility improvements aimed at reducing infectious disease transmission. This would not only provide financial relief to small businesses but also encourage them to prioritize health and safety measures, potentially leading to a healthier community overall. The bill may also affect state revenue, as it introduces a new tax expenditure, which could require adjustments in budget planning.
Sentiment
The sentiment around Bill S05647 appears to be generally positive, as it addresses public health concerns while supporting small businesses. However, there may be discussions regarding the adequacy of the credit amount and its potential impact on state finances, which could lead to differing opinions among legislators and stakeholders.
Contention
Notable points of contention may arise regarding the financial implications of the tax credit on state revenue and whether the five thousand dollar cap is sufficient to incentivize meaningful improvements in small businesses. Some lawmakers may argue that the credit should be higher to effectively encourage compliance with health standards, while others may be concerned about the fiscal impact on the state budget.
Same As
Establishes a small business tax credit for certain efforts taken to improve such small business's facility in an effort to reduce the spread of infectious diseases.
Establishes a small business tax credit for certain efforts taken to improve such small business's facility in an effort to reduce the spread of infectious diseases.
Recognizing November 29, 2025, as "Small Business Saturday" and supporting efforts to increase awareness of the value of locally owned small businesses.