New York A 7588: Relates to creating a wholesale prescription drug importation program

Bill Text

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A07588 Summary:

BILL NOA07588 

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SAME ASNo Same As

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SPONSORCunningham

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COSPNSR

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MLTSPNSR

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Add §43-a, amd §§209 & 803, Tax L

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Enacts the "New York small business growth and support act"; authorizes certain tax exemptions for newly established small businesses during their first three years of operations.

Go to top A07588 Actions:

BILL NOA07588 

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04/01/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA07588 Committee&nbspVotes:

Go to topA07588 Floor&nbspVotes:

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

Go to topA07588 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7588

 2025-2026 Regular Sessions

 IN ASSEMBLY

 April 1, 2025
 ___________

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

 AN ACT to amend the tax law, in relation to enacting the "New York small
 business growth and support 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 "New York small business growth and support act".
 3 § 2. Legislative findings and intent. The legislature finds that small
 4 businesses are the backbone of New York's economy and essential to the
 5 vitality of local communities. However, high operational costs and tax
 6 burdens in the early stages of a business can hinder growth and sustain-
 7 ability. By providing a temporary tax exemption, this act aims to
 8 support entrepreneurs, stimulate job creation, and encourage economic
 9 development across the state.
 10 § 3. The tax law is amended by adding a new section 43-a to read as
 11 follows:
 12 § 43-a. Tax exemption for newly established small businesses. 1. For
 13 the purposes of this section, the following terms shall have the follow-
 14 ing meanings:
 15 (a) "small business" means a business entity, including a sole
 16 proprietorship, partnership, limited liability company, or corporation,
 17 that:
 18 (i) employs no more than fifty full-time equivalent employees; and
 19 (ii) has annual gross receipts not exceeding five million dollars; and
 20 (b) "newly established small business" means a small business that has
 21 been in operation for no more than three years.
 22 2. (a) For taxable years beginning on and after the effective date of
 23 this section, a newly established small business shall be exempt from
 24 the following taxes during its first three years of operation:

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10398-01-5

 A. 7588 2

 1 (i) state income tax on business income under article nine-A of this
 2 chapter;
 3 (ii) franchise tax on business corporations under article nine-A of
 4 this chapter; and
 5 (iii) metropolitan commuter transportation mobility tax under article
 6 twenty-three of this chapter, if applicable.
 7 (b) In order to be eligible for the tax exemptions under this section,
 8 such newly established small business shall:
 9 (i) register with the department within six months of commencing oper-
 10 ations;
 11 (ii) file an annual statement with the department certifying continued
 12 eligibility; and
 13 (iii) remain in compliance with all applicable federal and state
 14 labor, health, and safety laws.
 15 (c) The exemptions authorized in paragraph (a) of this subdivision
 16 shall not apply to:
 17 (i) businesses primarily engaged in the sale or distribution of tobac-
 18 co, alcohol, or firearms; and
 19 (ii) professional service corporations, as defined under article
 20 fifteen of the business corporation law.
 21 3. If a newly established small business ceases operations or relo-
 22 cates outside New York state within five years of claiming the
 23 exemptions authorized under this section, the amount of the exemptions
 24 shall be added back to tax in the taxable year in which the business
 25 ceases operations or relocates.
 26 4. The department shall promulgate rules and regulations necessary for
 27 the implementation of this section.
 28 5. Cross-references. For application of the exemptions provided for in
 29 this section, see the following provisions of