New York A 11055: Relates to allowing licensed estheticians and licensed cosmetologists to practice microneedling

Bill Text

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A11055 Summary:

BILL NOA11055 

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SAME ASSAME AS S09249

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SPONSORKay

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COSPNSR

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MLTSPNSR

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Add §§50 & 187-s, amd §1511, Tax L; add §99-uu, St Fin L

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Establishes the New York rural growth fund tax credit and the New York rural growth fund; provides that individuals who develop a business plan to invest in rural business in New York and have successfully solicited private investors to make capital contributions in support of such business plan may apply to the department of economic development for certification as a rural business growth fund; provides that if approved, tax credits shall be issued in an aggregate amount equal to seventy percent of the eligible investment authority; defines terms; provides for penalties; requires reporting.

Go to top A11055 Actions:

BILL NOA11055 

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04/24/2026referred to ways and means

Go to topA11055 Committee&nbspVotes:

Go to topA11055 Floor&nbspVotes:

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

Go to topA11055 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 11055

 IN ASSEMBLY

 April 24, 2026
 ___________

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

 AN ACT to amend the tax law and the state finance law, in relation to
 establishing the New York rural growth fund tax credit and the New
 York rural growth fund

 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 50 to read
 2 as follows:
 3 § 50. New York rural growth fund credit. (a) Definitions. For purposes
 4 of this section, the following terms shall have the following meanings:
 5 (1) "Affiliate" means a person that, directly or indirectly through
 6 one or more intermediaries, controls, is controlled by, or is under
 7 common control with another person. For the purposes of this paragraph,
 8 a person is "controlled by" another person if the controlling person
 9 holds, directly or indirectly, the majority voting or ownership interest
 10 in the controlled person or has control over the day-to-day operations
 11 of the controlled person by contract or by law.
 12 (2) "Closing date" means the date on which a rural business growth
 13 fund has collected all of the amounts specified by subparagraphs (A) and
 14 (B) of paragraph seven of subdivision (b) of this section.
 15 (3) "Credit-eligible capital contribution" means an investment of cash
 16 by a person in a rural business growth fund for which tax credits are
 17 certified that is made in exchange for an equity interest in, or a debt
 18 instrument issued by, such rural business growth fund. The investment
 19 shall purchase an equity interest in the rural business growth fund or
 20 purchase, at par value or premium, a debt instrument issued by the rural
 21 business growth fund that meets all of the following criteria:
 22 (A) the debt instrument has an original maturity date of at least five
 23 years after the date of issuance;
 24 (B) the debt instrument has a repayment schedule that is not faster
 25 than a level principal amortization over five years; and

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD14844-01-6

 A. 11055 2

 1 (C) the debt instrument has no interest, distribution, or payment
 2 features dependent on the rural business growth fund's profitability or
 3 the success of the rural growth investments.
 4 (4) "Eligible investment authority" means the amount stated on the
 5 notice issued under subparagraph (A) of paragraph six of subdivision (b)
 6 of this section certifying the rural business growth fund.
 7 (5) "Jobs created" means the number of people employed by a rural
 8 business that has received a rural growth investment during the taxable
 9 year, determined by averaging the number of full-time employees employed
 10 on March thirty-first, June thirtieth, September thirtieth, and December
 11 thirty-first of such taxable year, to the extent such number exceeds the
 12 number of jobs retained. An individual shall be considered employed
 13 full-time if such individual works not less than thirty-five hours per
 14 week, or if two or more i