S 3614: Exempts minority depository institutions from the corporate franchise tax for a period of ten years from the date of commencement of business.

  
  STATE OF NEW YORK ________________________________________________________________________ 3614 2025-2026 Regular Sessions  IN SENATE January 29, 2025 ___________ Introduced by Sen. BORRELLO -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law, in relation to exempting minority deposito- ry institutions from the corporate franchise tax for a period of ten years The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 209 of the tax law is amended by adding a new 2 subdivision 13 to read as follows: 3 13. A minority depository institution as defined by section 308 of the 4 federal Financial Institution Reform, Recovery, and Enforcement Act of 5 1989, shall be exempt from taxation under the provisions of this article 6 for a period of ten years from the date such minority depository insti- 7 tution commences doing business. 8 § 2. This act shall take effect immediately and shall apply to tax 9 years commencing on and after January 1, 2026. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08083-01-5