Bill Text: NY A03306 | 2025-2026 | General Assembly | Introduced

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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) 2025-01-27 - referred to ways and means [A03306 Detail]

Download: New_York-2025-A03306-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          3306

                               2025-2026 Regular Sessions

                   IN ASSEMBLY

                                    January 27, 2025
                                       ___________

        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 (bbb) to read as follows:
     3    (bbb) Credit for small businesses required to  maintain  marine  bulk-
     4  heads.  (1) For taxable years commencing on and after January first, two
     5  thousand twenty-five, any business  which  is  independently  owned  and
     6  operated  and  employs one hundred or fewer persons on a full-time basis
     7  within 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 (lii) to read as
    24  follows:

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06791-01-5
        A. 3306                             2

     1  (lii) Credit for small businesses              Amount of credit under
     2  required to maintain marine                    subdivision sixty-one of
     3  bulkheads under subsection (bbb)               section two hundred ten-B

     4    §  3. Section 210-B of the tax law is amended by adding a new subdivi-
     5  sion 61 to read as follows:
     6    61. Credit for small businesses required to maintain marine bulkheads.
     7  (a) For taxable years commencing on and after January first,  two  thou-
     8  sand twenty-five, 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.