S T A T E O F N E W Y O R K
________________________________________________________________________
8346
2011-2012 Regular Sessions
I N A S S E M B L Y
June 14, 2011
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Introduced by M. of A. CRESPO, MENG, COLTON -- read once and referred to
the Committee on Ways and Means
AN ACT to amend the tax law, in relation to establishment of a credit
for purchase and installation of security camera system in convenience
stores located in cities with a population of one hundred fifty thou-
sand or more
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. The tax law is amended by adding a new section 36 to read
2 as follows:
3 S 36. CREDIT FOR PURCHASE AND INSTALLATION OF SECURITY CAMERA SYSTEM
4 IN CONVENIENCE STORES LOCATED IN CITIES WITH A POPULATION OF ONE HUNDRED
5 FIFTY THOUSAND OR MORE. (A) ALLOWANCE OF CREDIT. IN CITIES WITH A POPU-
6 LATION OF ONE HUNDRED FIFTY THOUSAND OR MORE, A CORPORATION OR A SOLE
7 PROPRIETOR OPERATING A CONVENIENCE STORE OR "BODEGA" SELLING GROCERIES,
8 WHICH IS SUBJECT TO TAX UNDER ARTICLE NINE OR TWENTY-TWO OF THIS CHAP-
9 TER, SHALL BE ALLOWED A ONE-TIME CREDIT AGAINST SUCH TAX FOR THE
10 PURCHASE AND INSTALLATION OF A QUALIFIED SECURITY CAMERA SYSTEM ON STORE
11 PREMISES. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO SEVENTY-FIVE
12 PERCENT OF THE EXPENDITURE INCURRED IN PURCHASING AND INSTALLING ANY
13 SUCH QUALIFIED SECURITY CAMERA SYSTEM IN A CONVENIENCE STORE OR "BODE-
14 GA", BUT NOT TO EXCEED THE MAXIMUM CREDIT OF ONE THOUSAND FIVE HUNDRED
15 DOLLARS.
16 (B) DEFINITIONS. THE TERM "QUALIFIED SECURITY CAMERA SYSTEM" MEANS
17 EXPENDITURES FOR THE PURCHASE OF A CAMERA SYSTEM, MATERIALS AND LABOR
18 COSTS PROPERLY ALLOCABLE TO ON-SITE PREPARATION, ASSEMBLY AND ORIGINAL
19 INSTALLATION. SUCH QUALIFIED EXPENDITURES SHALL NOT INCLUDE INTEREST OR
20 OTHER FINANCE CHARGES.
21 (C) WHEN CREDIT ALLOWED. THE CREDIT PROVIDED FOR HEREIN SHALL BE
22 ALLOWED WITH RESPECT TO THE TAXABLE YEAR COMMENCING IN WHICH THE SECURI-
23 TY CAMERA SYSTEM IS INSTALLED.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10790-02-1
A. 8346 2
1 (D) CARRYOVER OF CREDIT. IF THE AMOUNT OF THE CREDIT, AND CARRYOVERS
2 OF SUCH CREDIT, ALLOWABLE UNDER THIS SUBSECTION FOR ANY TAXABLE YEAR
3 SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, SUCH EXCESS AMOUNT MAY BE
4 CARRIED OVER TO THE FIVE TAXABLE YEARS NEXT FOLLOWING THE TAXABLE YEAR
5 WITH RESPECT TO WHICH THE CREDIT IS ALLOWED AND MAY BE DEDUCTED FROM THE
6 TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
7 S 2. Section 606 of the tax law is amended by adding a new subsection
8 (u) to read as follows:
9 (U) CREDIT FOR PURCHASE AND INSTALLATION OF SECURITY CAMERA SYSTEM IN
10 CONVENIENCE STORES LOCATED IN CITIES WITH A POPULATION OF ONE HUNDRED
11 FIFTY THOUSAND OR MORE. (1) ALLOWANCE OF CREDIT. IN CITIES WITH A POPU-
12 LATION OF ONE HUNDRED FIFTY THOUSAND OR MORE, A TAXPAYER WHICH IS A SOLE
13 PROPRIETOR OPERATING A CONVENIENCE STORE OR "BODEGA" SELLING GROCERIES
14 SHALL BE ALLOWED A ONE-TIME CREDIT FOR PURCHASE AND INSTALLATION OF A
15 SECURITY CAMERA SYSTEM ON STORE PREMISES, TO BE COMPUTED AS PROVIDED IN
16 SECTION THIRTY-SIX OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS
17 ARTICLE.
18 (2) CARRYOVER OF CREDIT. IF THE AMOUNT OF THE CREDIT, AND CARRYOVERS
19 OF SUCH CREDIT, ALLOWABLE UNDER THIS SUBSECTION FOR ANY TAXABLE YEAR
20 SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, SUCH EXCESS AMOUNT MAY BE
21 CARRIED OVER TO THE FIVE TAXABLE YEARS NEXT FOLLOWING THE TAXABLE YEAR
22 WITH RESPECT TO WHICH THE CREDIT IS ALLOWED AND MAY BE DEDUCTED FROM THE
23 TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
24 S 3. The tax law is amended by adding a new section 195 to read as
25 follows:
26 S 195. CREDIT FOR PURCHASE AND INSTALLATION OF SECURITY CAMERA SYSTEM
27 IN CONVENIENCE STORES LOCATED IN CITIES WITH A POPULATION OF ONE HUNDRED
28 FIFTY THOUSAND OR MORE. 1. ALLOWANCE OF CREDIT. IN CITIES WITH A POPU-
29 LATION OF ONE HUNDRED FIFTY THOUSAND OR MORE, A TAXPAYER WHICH IS A
30 CORPORATION OPERATING A CONVENIENCE STORE OR "BODEGA" SELLING GROCERIES
31 SHALL BE ALLOWED A ONE-TIME CREDIT FOR PURCHASE AND INSTALLATION OF A
32 SECURITY CAMERA SYSTEM ON STORE PREMISES, TO BE COMPUTED AS PROVIDED IN
33 SECTION THIRTY-SIX OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS
34 ARTICLE.
35 2. CARRYOVER OF CREDIT. IF THE AMOUNT OF THE CREDIT, AND CARRYOVERS OF
36 SUCH CREDIT, ALLOWABLE UNDER THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL
37 EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, SUCH EXCESS AMOUNT MAY BE
38 CARRIED OVER TO THE FIVE TAXABLE YEARS NEXT FOLLOWING THE TAXABLE YEAR
39 WITH RESPECT TO WHICH THE CREDIT IS ALLOWED AND MAY BE DEDUCTED FROM THE
40 TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
41 S 4. This act shall take effect January 1, 2012; provided, however, if
42 this act shall become a law after such date it shall take effect imme-
43 diately and shall be deemed to have been in full force and effect on and
44 after January 1, 2012.