Bill Text: NY A05126 | 2017-2018 | General Assembly | Introduced

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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 5-0)

Status: (Introduced - Dead) 2018-01-03 - referred to ways and means [A05126 Detail]

Download: New_York-2017-A05126-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          5126
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    February 6, 2017
                                       ___________
        Introduced by M. of A. TITUS, JAFFEE, BENEDETTO -- Multi-Sponsored by --
          M.  of A.   GUNTHER, HOOPER -- 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 52 to read as follows:
     3    52.  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 (xliii) to read as
    22  follows:
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02645-01-7
        A. 5126                             2
     1  (xliii) Credit for the               Amount of credit
     2  purchase of electrical               under subdivision
     3  generators under                     fifty-two of section
     4  subsection (ccc)                     two hundred ten-B
     5    §  3. Section 606 of the tax law is amended by adding a new subsection
     6  (ccc) to read as follows:
     7    (ccc) 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.