New York A 4618: Requires banks to disclose negative consequences of establishing alternative payment schedule on a loan

Bill Text

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A04618 Summary:

BILL NOA04618 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORSempolinski

&nbsp

COSPNSR

&nbsp

MLTSPNSR

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Amd §§210-B & 606, Tax L

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Establishes business franchise and personal income tax credits for capital investments made in certain small businesses.

Go to top A04618 Actions:

BILL NOA04618 

&nbsp

02/04/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA04618 Committee&nbspVotes:

Go to topA04618 Floor&nbspVotes:

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

Go to topA04618 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4618

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 4, 2025
 ___________

 Introduced by M. of A. SEMPOLINSKI -- read once and referred to the
 Committee on Ways and Means

 AN ACT to amend the tax law, in relation to establishing business fran-
 chise and personal income tax credits for certain small businesses in
 a village or small city

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

 1 Section 1. Section 210-B of the tax law is amended by adding a new
 2 subdivision 61 to read as follows:
 3 61. Small business capital tax credit. (a) A taxpayer shall be allowed
 4 a credit, to be computed as provided in this subdivision, against the
 5 tax imposed by this article. Such credit shall be granted to any taxpay-
 6 er which is a small business when the small business is located in a
 7 village or in a city with a population of less than thirty-five thousand
 8 as determined by the most recent federal decennial census. The amount of
 9 the credit shall be equal to twenty-five percent of the sum of qualified
 10 investments in such small business, as determined by the commissioner.
 11 (b) For the purposes of this subdivision, the term "small business"
 12 means a business which employs less than fifteen employees.
 13 (c) The credit and carryovers of such credit allowed under this subdi-
 14 vision for any taxable year shall not, in the aggregate, reduce the tax
 15 due for such year to less than the higher of the amounts prescribed in
 16 paragraph (d) of subdivision one of section two hundred ten of this
 17 article. However, if the amount of credit or carryovers of such credit,
 18 or both, allowed under this subdivision for any taxable year reduces the
 19 tax to such amount, any amount of credit or carryovers of such credit
 20 thus not deductible in such taxable year may be carried over to the
 21 following year or years and may be deducted from the tax for such year
 22 or years.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07508-01-5

 A. 4618 2

 1 § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
 2 of the tax law is amended by adding a new clause (lii) to read as
 3 follows:
 4 (lii) Small business Amount of credit under
 5 capital tax credit subdivision sixty-one of
 6 under subsection (qqq) section two hundred ten-B
 7 § 3. Section 606 of the tax law is amended by adding a new subsection
 8 (qqq) to read as follows:
 9 (qqq) Small business capital tax credit. (1) A taxpayer shall be
 10 allowed a credit, to be computed as provided in this subsection, against
 11 the tax imposed by this article. Such credit shall be granted to any
 12 taxpayer which is a small business when the small business is located in
 13 a village or in a city with a population of less than thirty-five thou-
 14 sand as determined by the most recent federal decennial census. The
 15 amount of the credit shall be equal to twenty-five percent of the sum of
 16 qualified investments in such small business, as determined by the
 17 commissioner.
 18 (2) For the purposes of this subsection, the term "small business"
 19 means a business which employs less than fifteen employees.
 20 (3) The credit and carryovers of such credit allowed under this
 21 subsection for any taxable year shall not, in the aggregate, reduce the
 22 tax due for such year to be less than the higher of the amounts
 23 prescribed in paragraph (d) of subdivision one of section two hundred
 24 ten of this chapter. However, if the amount of credit or carryovers of
 25 such credit, or both, allowed under this subsectio