New York A 3314: Establishes a reduced sales tax rate for certain small businesses

Bill Text

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A03314 Summary:

BILL NOA03314 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORVanel

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Add §1105-C, Tax L

&nbsp

Establishes a reduced sales tax rate for small businesses which reside in the state and are independently owned and operated, not dominant in its field and employs fifty or less persons.

Go to top A03314 Actions:

BILL NOA03314 

&nbsp

01/27/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA03314 Committee&nbspVotes:

Go to topA03314 Floor&nbspVotes:

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

Go to topA03314 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3314

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 27, 2025
 ___________

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

 AN ACT to amend the tax law, in relation to establishing a reduced sales
 tax rate for certain small businesses

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

 1 Section 1. The tax law is amended by adding a new section 1105-C to
 2 read as follows:
 3 § 1105-C. Reduced tax rate for small businesses. (a) Notwithstanding
 4 any provision of this article to the contrary, the taxes imposed by
 5 subdivision (a) of section eleven hundred five of this part on the
 6 receipts from every retail sale of tangible personal property shall be
 7 paid at the rate of two and one-half percent where such sale is made by
 8 a qualified small business. The provisions of this subdivision shall not
 9 apply to the sale of alcoholic beverages, cigarettes and tobacco
 10 products as defined in section four hundred seventy of this chapter,
 11 firearms, rifles and shotguns as such terms are defined in 18 U.S.C.
 12 921, motor fuel or diesel motor fuel, and any other product or class of
 13 product which have a rate of tax set explicitly by this chapter for such
 14 product or class of products.
 15 (b) As used in this section, the term "qualified small business" shall
 16 mean a business which is resident in this state, independently owned and
 17 operated, not dominant in its field, employs fifty or less persons, and
 18 earned less than an amount in gross sales revenue, as to be determined
 19 by the commissioner, in the preceding year.
 20 § 2. This act shall take effect on the first of January next succeed-
 21 ing the date on which it shall have become a law and shall apply to
 22 taxable years commencing on and after such date.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06922-01-5

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