Bill Text: NY A10543 | 2019-2020 | General Assembly | Introduced
Bill Title: Establishes a small business tax credit for certain efforts taken to improve such small business's facility in an effort to reduce the spread of infectious diseases.
Spectrum: Moderate Partisan Bill (Republican 27-8)
Status: (Introduced - Dead) 2020-05-28 - referred to ways and means [A10543 Detail]
Download: New_York-2019-A10543-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 10543 IN ASSEMBLY May 28, 2020 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. Ashby) -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to establishing a small busi- ness tax credit for certain efforts taken to improve such small busi- ness's facility in an effort to reduce the spread of infectious diseases 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 55 to read as follows: 3 55. Small business tax credit; infectious disease mitigation. (a) 4 General. A taxpayer that is a small business shall be allowed a credit, 5 to be computed as provided in this subdivision, against the tax imposed 6 by this article for efforts taken to improve such taxpayer's facility in 7 an effort to reduce the spread of infectious diseases. 8 (b) Amount of credit. A credit authorized by this section shall be 9 equal to the amount of money spent by an eligible taxpayer to construct, 10 install, build, and/or equip such taxpayer's facility with new amenities 11 primarily intended to reduce the spread of infectious diseases, but 12 shall not exceed five thousand dollars total for each location where 13 such new amenities have been constructed, installed, built, and/or 14 equipped. 15 (c) Carryover. The credit allowed under this subdivision for any taxa- 16 ble year shall not reduce the tax due for such year to less than the 17 amount prescribed in paragraph (d) of subdivision one of section two 18 hundred ten of this article. However, if the amount of credit allowable 19 under this subdivision for any taxable year reduces the tax to such 20 amount or if the taxpayer otherwise pays tax based on the fixed dollar 21 minimum amount, any amount of credit not deductible in such taxable year 22 may be carried over to the following three years, and may be deducted 23 from the qualified employer's tax for such years. 24 (d) Definitions. As used in this subdivision, the term "small busi- 25 ness" shall mean any business having fifty or fewer employees. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD16545-01-0A. 10543 2 1 (e) Claim of credit. A taxpayer shall not be allowed to claim this 2 credit to the extent the basis of the calculation of this credit has 3 been claimed for another tax credit under this chapter. 4 § 2. Section 606 of the tax law is amended by adding a new subsection 5 (lll) to read as follows: 6 (lll) Small business tax credit; infectious disease mitigation. (1) 7 General. A taxpayer that is a small business shall be allowed a credit, 8 to be computed as provided in this subsection, against the tax imposed 9 by this article for efforts taken to improve such taxpayer's facility in 10 an effort to reduce the spread of infectious diseases. 11 (2) Amount of credit. A credit authorized by this section shall be 12 equal to the amount of money spent by an eligible taxpayer to construct, 13 install, build, and/or equip such taxpayer's facility with new amenities 14 primarily intended to reduce the spread of infectious diseases, but 15 shall not exceed five thousand dollars total for each location where 16 such new amenities have been constructed, installed, built, and/or 17 equipped. 18 (3) Carryover. The credit allowed under this subsection for any taxa- 19 ble year shall not reduce the tax due for such year to less than the 20 amount prescribed in paragraph (d) of subdivision one of section two 21 hundred ten of this chapter. However, if the amount of credit allowable 22 under this subsection for any taxable year reduces the tax to such 23 amount or if the taxpayer otherwise pays tax based on the fixed dollar 24 minimum amount, any amount of credit not deductible in such taxable year 25 may be carried over to the following three years, and may be deducted 26 from the qualified employer's tax for such years. 27 (4) Definitions. As used in this subsection, the term "small business" 28 shall mean any business having fifty or fewer employees. 29 (5) Claim of credit. A taxpayer shall not be allowed to claim this 30 credit to the extent the basis of the calculation of this credit has 31 been claimed for another tax credit under this chapter. 32 § 3. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 33 of the tax law is amended by adding a new clause (xlvi) to read as 34 follows: 35 (xlvi) Small business tax credit; Amount of credit under 36 infectious disease mitigation subdivision fifty-five of 37 under subsection (lll) section two hundred 38 ten-B 39 § 4. This act shall take effect on the first of January next succeed- 40 ing the date on which it shall have become a law.
