Bill Text: NY A06098 | 2019-2020 | General Assembly | Introduced
Bill Title: Relates to providing a tax credit for the purchase of an electrical generator; such credit shall be equal to the amount expended in the previous tax year for the purchase of an electrical generator.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Introduced - Dead) 2020-01-06 - enacting clause stricken [A06098 Detail]
Download: New_York-2019-A06098-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 6098 2019-2020 Regular Sessions IN ASSEMBLY February 28, 2019 ___________ Introduced by M. of A. TITUS, JAFFEE, BENEDETTO -- Multi-Sponsored by -- M. of A. GUNTHER -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to providing a tax credit to businesses for the purchase of electrical generators The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 210-B of the tax law is amended by adding a new 2 subdivision 53 to read as follows: 3 53. Credit for the purchase of electrical generators. (a) Allowance 4 and amount of credit. A taxpayer shall be allowed a credit, to be 5 computed as provided in this subdivision, against the tax imposed by 6 this article. The amount of the credit shall be equal to the amount 7 expended in the previous tax year for the purchase of one electrical 8 generator. 9 (b) Application of credit. The credit allowed under this subdivision 10 for any taxable year shall not reduce the tax due for such year to less 11 than the higher of the amounts prescribed in paragraphs (c) and (d) of 12 subdivision one of this section. However, if the amount of credit 13 allowed under this subdivision for any taxable year reduces the tax to 14 such amount, any amount of credit thus not deductible in such taxable 15 year shall be treated as an overpayment of tax to be credited or 16 refunded in accordance with the provisions of section ten hundred eight- 17 y-six of this chapter. Provided, however, the provisions of subsection 18 (c) of section ten hundred eighty-eight of this chapter notwithstanding, 19 no interest shall be paid thereon. 20 § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 21 of the tax law is amended by adding a new clause (xliv) to read as 22 follows: EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD07940-01-9A. 6098 2 1 (xliv) Credit for the Amount of credit 2 purchase of electrical under subdivision 3 generators under fifty-three of section 4 subsection (jjj) two hundred ten-B 5 § 3. Section 606 of the tax law is amended by adding a new subsection 6 (jjj) to read as follows: 7 (jjj) Credit for the purchase of electrical generators. (1) Allowance 8 and amount of credit. A taxpayer shall be allowed a credit, to be 9 computed as provided in this subsection, against the tax imposed by this 10 article. The amount of the credit shall be equal to the amount expended 11 in the previous tax year for the purchase of one electrical generator. 12 (2) Application of credit. If the amount of credit allowed under this 13 subsection for any taxable year shall exceed the taxpayer's tax for such 14 year, the excess shall be treated as an overpayment of tax to be credit- 15 ed or refunded in accordance with the provisions of section six hundred 16 eighty-six of this article, provided, however, that no interest shall be 17 paid thereon. 18 § 4. This act shall take effect on the first of January next succeed- 19 ing the date on which it shall have become a law and shall apply to 20 taxable years commencing on and after such date.
