NY Bill Seeks Small-Biz Tax Credit For Virus Mitigation Efforts

New York would create a small-business tax credit equal to the cost of building or installing infrastructure that would help to slow the spread of the novel coronavirus under a bill introduced in the state Senate.

S.B. 4680, which Sen. Anthony Palumbo, R-New Suffolk, introduced Monday, would allow businesses with up to 50 employees claim a tax credit for the cost of installing infrastructure that slows the spread of infectious disease, up to $5,000. The credit could be carried forward for up to three taxable years, according to the bill.

The credit would take effect Jan. 1 after the bill is enacted.

--Editing by Vincent Sherry. 

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