Bill Text: NY A01117 | 2019-2020 | General Assembly | Introduced
Bill Title: Creates a tax credit for small businesses which suffer a financial loss due to state or local infrastructure projects; provides that to qualify for such credit the business shall have suffered a financial loss of at least twenty-five percent of their projected revenue for the taxable year as a direct result of such state or local infrastructure project.
Spectrum: Moderate Partisan Bill (Democrat 14-3)
Status: (Introduced - Dead) 2020-01-08 - referred to ways and means [A01117 Detail]
Download: New_York-2019-A01117-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 1117 2019-2020 Regular Sessions IN ASSEMBLY January 14, 2019 ___________ Introduced by M. of A. SIMOTAS, SCHIMMINGER, JAFFEE, COLTON, L. ROSEN- THAL, M. G. MILLER, BARRON, GIGLIO, BYRNE, MOSLEY, BRABENEC, SEAWRIGHT, GLICK, JEAN-PIERRE, DAVILA -- Multi-Sponsored by -- M. of A. ABBATE, SIMON -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to tax credit for small busi- nesses which suffer financial losses due to state or local infrastruc- ture projects The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 606 of the tax law is amended by adding a new 2 subsection (jjj) to read as follows: 3 (jjj) Credit for small businesses affected by infrastructure projects. 4 (1) For taxable years commencing on and after January first, two thou- 5 sand twenty, any business which is independently owned and operated and 6 employs one hundred or fewer persons on a full-time basis within the 7 state which has been significantly impacted or dislocated by state or 8 local infrastructure projects including, but not limited to, metropol- 9 itan transportation authority projects, shall be allowed a credit 10 against the tax imposed by this article in an amount equal to one 11 hundred percent of the total loss the business has suffered that is 12 attributable to such infrastructure projects during such taxable year. 13 (2) In order to qualify for the credit provided in this subsection the 14 business described in paragraph one of this subsection shall have 15 suffered a financial loss of at least twenty-five percent of their 16 projected revenue for such taxable year as a direct result of such state 17 or local infrastructure project. 18 § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 19 of the tax law is amended by adding a new clause (xliv) to read as 20 follows: EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD01530-01-9A. 1117 2 1 (xliv) Credit for small businesses Amount of credit under 2 affected by infrastructure subdivision fifty-three of 3 projects under subsection (jjj) section two hundred ten-B 4 § 3. Section 210-B of the tax law is amended by adding a new subdivi- 5 sion 53 to read as follows: 6 (53) Credit for small businesses affected by infrastructure projects. 7 (a) For taxable years commencing on and after January first, two thou- 8 sand twenty, any business which is independently owned and operated and 9 employs one hundred or fewer persons on a full-time basis within the 10 state which has been significantly impacted or dislocated by state or 11 local infrastructure projects including, but not limited to, metropol- 12 itan transportation authority projects, shall be allowed a credit 13 against the tax imposed by this article in an amount equal to one 14 hundred percent of the total loss the business has suffered that is 15 attributable to such infrastructure projects during such taxable year. 16 (b) In order to qualify for the credit provided in this subdivision 17 the business described in paragraph (a) of this subdivision shall have 18 suffered a financial loss of at least twenty-five percent of their 19 projected revenue for such taxable year as a direct result of such state 20 or local infrastructure project. 21 § 4. This act shall take effect immediately.