NY Bill Seeks Tax Credit For Small-Biz Protective Equipment

New York would allow businesses with fewer than 100 people to claim an income tax credit for the cost of buying personal protective equipment during the novel coronavirus pandemic, under a bill introduced in the state Senate.

S.B. 3142, which Sen. Andrew Gounardes, D-Brooklyn, introduced Wednesday, would allow small businesses to claim a credit for the cost of buying protective equipment in bulk during the pandemic. The credit could be carried forward, according to the bill.

If enacted, the bill would take immediate effect.

--Editing by Vincent Sherry. 

For a reprint of this article, please contact reprints@law360.com.