New York S 7592: Provides that for the calendar year two thousand twenty, the yellow pro-suffragist rose shall be the official flower of the state

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S07592 Summary:

BILL NOS07592 

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SAME ASNo Same As

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SPONSORCLEARE

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COSPNSR

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MLTSPNSR

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Amd §§606 & 210-B, Tax L

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Provides for an angel investor income tax credit for investments in qualified businesses that exceed $25,000.

Go to top S07592 Actions:

BILL NOS07592 

&nbsp

04/23/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS07592 Committee&nbspVotes:

Go to topS07592 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS07592 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7592

 2025-2026 Regular Sessions

 IN SENATE

 April 23, 2025
 ___________

 Introduced by Sen. CLEARE -- read twice and ordered printed, and when
 printed to be committed to the Committee on Budget and Revenue

 AN ACT to amend the tax law, in relation to providing for an angel
 investor tax credit

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Section 606 of the tax law is amended by adding a new
 2 subsection (sss) to read as follows:
 3 (sss) Angel investor credit. (1) Allowance of credit. A taxpayer, who
 4 is an angel investor, as defined by subparagraph (ii) of paragraph three
 5 of this subsection, shall be allowed a credit, to be computed as herein-
 6 after provided, against the tax imposed by this article, for investing
 7 twenty-five thousand dollars or more in a qualifying business. The
 8 amount of the credit shall be twenty-five percent of the investment in
 9 the qualifying business up to but not exceeding two hundred fifty thou-
 10 sand dollars.
 11 (2) Application of credit. If the amount of credit allowable under
 12 this subsection for any taxable year shall exceed the taxpayer's tax for
 13 such year, the excess may be carried over to the following year or
 14 years, and may be deducted from the taxpayer's tax for such year or
 15 years.
 16 (3) Definitions. For purposes of the credit described in this
 17 subsection:
 18 (i) "Qualifying business" shall mean a business enterprise, including
 19 a sole proprietorship, partnership or corporation that:
 20 (A) has not yet generated revenue or has gross revenues, along with
 21 the gross revenues of its affiliates and related members, not exceeding
 22 one million dollars for the taxable year immediately preceding the year
 23 the taxpayer is allowed a credit under this subsection. For purposes of
 24 this paragraph, the term "related member" shall have the same meaning as
 25 set forth in clauses (A) and (B) of subparagraph one of paragraph (o) of

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD11749-01-5

 S. 7592 2

 1 subdivision nine of section two hundred eight of this chapter, and the
 2 term "affiliates" shall mean those corporations that are members of the
 3 same affiliated group (as defined in section fifteen hundred four of the
 4 internal revenue code) as the taxpayer;
 5 (B) has no more than twenty-five full-time employees, of which at
 6 least sixty percent are employed in New York state;
 7 (C) has operated in the state for no more than seven consecutive
 8 years; and
 9 (D) has received no more than two million dollars in investments
 10 eligible for the credit described in this subsection from one or more
 11 than one angel investor;
 12 (ii) "Angel investor" shall mean an accredited investor as defined in
 13 rule 501 of regulation D of the Federal Securities Act of 1933, as
 14 amended; but shall not include:
 15 (A) an investor who controls fifty percent or more of the qualifying
 16 business receiving the investment subject to the credit described by
 17 this subsection; or
 18 (B) a venture capital company or any bank, savings and loan associ-
 19 ation, trust, insurance company or similar entity, whose normal business
 20 activities include venture capital investment.
 21 § 2. Section 210-B of the tax law is amended by adding a new subdivi-
 22 sion 61 to read as follows:
 23 61. Angel investor credit. (a) Allowance of credit. A taxpayer, who is
 24 an angel investor, as defined by subparagraph (ii) of paragraph (c) of
 25 this subdivision, shall be allowed a credit, to be computed as herein-