New York A 4967: Enacts the "microbusiness resiliency and growth act"

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
A04967 Summary:

BILL NOA04967 

&nbsp

SAME ASSAME AS S06359

&nbsp

SPONSORStirpe

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §§1105 & 1135, Tax L

&nbsp

Enacts the "microbusiness resiliency and growth act"; defines "microbusiness" as a business employing five or fewer persons, is resident in this state, is independently owned and operated, is not dominant in its field, and does not conduct its business transactions primarily over the internet; further provides for a segregated sales tax system for such microbusinesses.

Go to top A04967 Actions:

BILL NOA04967 

&nbsp

02/10/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA04967 Committee&nbspVotes:

Go to topA04967 Floor&nbspVotes:

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

Go to topA04967 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4967

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 10, 2025
 ___________

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

 AN ACT to amend the tax law, in relation to enacting the "microbusiness
 resiliency and growth act"

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

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "microbusiness resiliency and growth act".
 3 § 2. Section 1105 of the tax law is amended by adding a new subdivi-
 4 sion (g) to read as follows:
 5 (g) For the purposes of this chapter, "microbusiness" shall be defined
 6 as a business employing five or fewer persons, is resident in this
 7 state, is independently owned and operated, is not dominant in its
 8 field, and does not conduct its business transactions primarily over the
 9 internet. When the goods or services are purchased from a microbusiness
 10 within the first five years of the opening of such microbusiness or a
 11 microbusiness with a gross profit of five hundred thousand dollars or
 12 less in the prior tax year, tax paid on such sales for the first year
 13 shall be zero percent and in the second year, such sales tax shall be
 14 two percent provided, however that the profit generated on such first
 15 and second year sales tax reduction is collected up until the difference
 16 between the prior and current minimum wage pursuant to subdivision one
 17 of section six hundred fifty-two of the labor law in concurrence with
 18 quarterly sales tax periods as prescribed by the department. After the
 19 end of the second year, sales taxes shall return to four percent. Tax
 20 paid on sales after the profit difference between the prior minimum wage
 21 and current minimum wage pursuant to subdivision one of section six
 22 hundred fifty-two of the labor law is met shall return to four percent.
 23 Microbusinesses that elect to use a segregated sales tax account for the
 24 handling of transactions with the department, or are required to keep
 25 such an account pursuant to section eleven hundred thirty-seven of this

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05097-01-5

 A. 4967 2

 1 article must deduct the aforementioned profit from the segregated sales
 2 tax account within one week of deposit.
 3 § 3. Section 1135 of the tax law is amended by adding a new subdivi-
 4 sion (f-1) to read as follows:
 5 (f-1) Every microbusiness owner shall keep records of the number of
 6 employees, their wage, and the amount of the sales tax reduction on a
 7 quarterly basis and in the manner prescribed by the commissioner pursu-
 8 ant to rules and regulations.
 9 § 4. This act shall take effect on the first day of the sales tax
 10 quarterly period, as described in subdivision (b) of section 1136 of the
 11 tax law, next commencing at least 90 days after this act shall have
 12 become a law and shall apply in accordance with the applicable transi-
 13 tional provisions of sections 1106 and 1217 of the tax law.

Go to top 

• 

 Sitemap 

 Request Information 

 Directions and Maps