Bill Text: NY A06741 | 2019-2020 | General Assembly | Introduced


Bill Title: Creates a tax credit for small businesses which are required to have and maintain marine bulkheads for the full cost of such maintenance during the taxable year.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2019-03-18 - referred to ways and means [A06741 Detail]

Download: New_York-2019-A06741-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          6741
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                     March 18, 2019
                                       ___________
        Introduced  by  M.  of A. PHEFFER AMATO -- read once and referred to the
          Committee on Ways and Means
        AN ACT to amend the tax law, in relation to creating a  tax  credit  for
          small  businesses which are required to have and maintain marine bulk-
          heads
          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 required to  maintain  marine  bulk-
     4  heads.  (1) For taxable years commencing on and after January first, two
     5  thousand nineteen, any business which is independently owned  and  oper-
     6  ated and employs one hundred or fewer persons on a full-time basis with-
     7  in  the  state  which  is  required  to  have marine bulkheads, shall be
     8  allowed a credit against the tax imposed by this article  in  an  amount
     9  equal to one hundred percent of the total cost attributable to the main-
    10  tenance of such bulkheads during the taxable year.
    11    (2) In order to qualify for the credit provided in this subsection the
    12  business described in paragraph one of this subsection shall be required
    13  to  have and maintain marine bulkheads and shall submit documentation to
    14  the commissioner to substantiate such requirement.
    15    (3) The commissioner shall promulgate rules and regulations to  estab-
    16  lish  procedures  for  the  allocation  of  tax credits pursuant to this
    17  subsection. Such rules and regulations shall include provisions describ-
    18  ing the documentation required to be provided by a taxpayer to  substan-
    19  tiate  the  amount of tax credits allocated to such taxpayer, the stand-
    20  ards which shall be used to evaluate such documentation and  such  other
    21  provisions as deemed necessary and appropriate.
    22    §  2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
    23  of the tax law is amended by adding a  new  clause  (xliv)  to  read  as
    24  follows:
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08664-02-9

        A. 6741                             2
     1  (xliv) Credit for small businesses             Amount of credit under
     2  required to maintain marine                    subdivision fifty-three of
     3  bulkheads 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 required to maintain marine bulkheads.
     7  (a) For taxable years commencing on and after January first,  two  thou-
     8  sand  nineteen,  any  business which is independently owned and operated
     9  and employs one hundred or fewer persons on a full-time basis within the
    10  state which is required to have marine bulkheads,  shall  be  allowed  a
    11  credit against the tax imposed by this article in an amount equal to one
    12  hundred  percent  of  the  total cost attributable to the maintenance of
    13  such bulkheads during the taxable year.
    14    (b) In order to qualify for the credit provided  in  this  subdivision
    15  the  business  described  in  paragraph (a) of this subdivision shall be
    16  required to have and maintain marine bulkheads and shall submit documen-
    17  tation to the commissioner to substantiate such requirement.
    18    (c) The commissioner shall promulgate rules and regulations to  estab-
    19  lish  procedures  for  the  allocation  of  tax credits pursuant to this
    20  subdivision.  Such  rules  and  regulations  shall  include   provisions
    21  describing  the  documentation  required to be provided by a taxpayer to
    22  substantiate the amount of tax credits allocated to such  taxpayer,  the
    23  standards  which  shall  be used to evaluate such documentation and such
    24  other provisions as deemed necessary and appropriate.
    25    § 4. This act shall take effect immediately.
feedback