New York S 5992: Creates a small business electric energy tax credit

Bill Text

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S05992 Summary:

BILL NOS05992 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORBASKIN

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §§210-B & 606, Tax L

&nbsp

Creates a small business electric energy tax credit; specifies that the amount of credit shall be equal to the product of $0.02 per kilowatt hour; sets limit of no more than 19 full-time employees in New York state; determines that if the business is located at the primary residence of a sole proprietor, the business is not eligible for the tax credit.

Go to top S05992 Actions:

BILL NOS05992 

&nbsp

03/04/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS05992 Committee&nbspVotes:

Go to topS05992 Floor&nbspVotes:

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

Go to topS05992 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5992

 2025-2026 Regular Sessions

 IN SENATE

 March 4, 2025
 ___________

 Introduced by Sen. BASKIN -- 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 a small business electric
 energy tax credit

 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 electric energy tax credit. (a) A taxpayer that is
 4 eligible under the limitations specified in paragraph (b) of this subdi-
 5 vision shall be allowed a credit against the tax imposed by this arti-
 6 cle. The amount of the credit shall be equal to the product of two
 7 cents per kilowatt hour for all business related electricity usage at
 8 the taxpayer's primary business location.
 9 (b) An eligible taxpayer shall (i) have no more than nineteen full
 10 time equivalent employees in New York state, including any related
 11 members or affiliates, (ii) not be a sole-proprietorship if such sole-
 12 proprietor's primary business location is sited in or part of such sole-
 13 proprietor's place of residence, (iii) not be certified pursuant to
 14 article eighteen-B of the general municipal law, and (iv) not be receiv-
 15 ing any allocation or award pursuant to any program authorized under
 16 article six of the economic development law.
 17 (c) (i) The term "business related electricity usage" shall refer to
 18 electrical power usage used to further the economic activity of the
 19 taxpayer at the primary business location that is clearly delimited from
 20 any shared electrical power usage cost. (ii) The term "primary business
 21 location" shall mean the physical site of the taxpayer within the state
 22 of New York where the majority of the taxpayer's economic activity is
 23 generated or coordinated through. (iii) The term "related members"
 24 shall have the same meaning as set forth in clauses (A) and (B) of
 25 subparagraph one of paragraph (o) of subdivision nine of section two

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09710-02-5

 S. 5992 2

 1 hundred eight of this article, and the term "affiliates" shall mean
 2 those corporations that are members of the same affiliated group (as
 3 defined in section fifteen hundred four of the internal revenue code) as
 4 the taxpayer.
 5 (d) The eligible usage level shall be the total kilowatt hour usage of
 6 the taxpayer for business related electricity usage during the taxpay-
 7 er's taxable year as verified through bills or other form of usage chart
 8 provided to the taxpayer by the taxpayer's electricity power service
 9 provider.
 10 (e) In no event shall the credit provided for in this subdivision be
 11 allowed in an amount which will reduce the tax payable to less than the
 12 fixed dollar minimum amount prescribed in paragraph (d) of subdivision
 13 one of section two hundred ten of this article. However, if the amount
 14 of credit allowed under this subdivision for any taxable year reduces
 15 the tax to such amount, any amount of credit not deductible in such
 16 taxable year shall be treated as an overpayment of tax to be credited or
 17 refunded in accordance with the provisions of section one thousand
 18 eighty-six