Bill Text: NY S06737 | 2013-2014 | General Assembly | Amended
Bill Title: Establishes corporate, business franchise, personal, insurance and banking tax credits for the provision of employee federal qualified transportation fringe benefits.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Introduced - Dead) 2014-05-05 - PRINT NUMBER 6737B [S06737 Detail]
Download: New_York-2013-S06737-Amended.html
S T A T E O F N E W Y O R K
________________________________________________________________________
6737--B
I N S E N A T E
March 5, 2014
___________
Introduced by Sens. CARLUCCI, KLEIN, SAVINO, VALESKY -- read twice and
ordered printed, and when printed to be committed to the Committee on
Investigations and Government Operations -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee -- committee discharged, bill amended, ordered reprinted as
amended and recommitted to said committee
AN ACT to amend the tax law, in relation to establishing tax credits for
taxpayers which provide their employees with access to federal quali-
fied transportation fringe benefits
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 42 to read
2 as follows:
3 S 42. CREDIT FOR PROVISION OF EMPLOYEE FEDERAL QUALIFIED TRANSPORTA-
4 TION FRINGE BENEFITS. (A) ALLOWANCE OF CREDIT. FOR THE TAXABLE YEAR
5 COMMENCING ON JANUARY FIRST, TWO THOUSAND FOURTEEN, A TAXPAYER SUBJECT
6 TO TAX UNDER ARTICLE NINE, NINE-A, TWENTY-TWO, THIRTY-TWO OR
7 THIRTY-THREE OF THIS CHAPTER SHALL BE ALLOWED A CREDIT AGAINST SUCH TAX,
8 PURSUANT TO THE PROVISIONS REFERENCED IN SUBDIVISION (D) OF THIS
9 SECTION. THE CREDIT SHALL BE ALLOWED WHERE A TAXPAYER HAS ESTABLISHED
10 AND IMPLEMENTED FEDERAL QUALIFIED TRANSPORTATION FRINGE BENEFITS FOR ITS
11 EMPLOYEES DURING THE TAXABLE YEAR IN WHICH SUCH CREDIT IS CLAIMED, AND
12 THE TAXPAYER HAS NOT PROVIDED SUCH BENEFITS TO ITS EMPLOYEES DURING ANY
13 PRIOR TAXABLE YEAR. THE CREDIT SHALL BE EQUAL TO FIFTY DOLLARS FOR EACH
14 EMPLOYEE OF THE TAXPAYER WHO ELECTED TO PARTICIPATE IN THE TAXPAYER'S
15 FEDERAL QUALIFIED TRANSPORTATION FRINGE BENEFITS PROGRAM DURING THE
16 TAXABLE YEAR IN WHICH SUCH PROGRAM IS ESTABLISHED BY THE TAXPAYER. THE
17 AMOUNT OF THE CREDIT GRANTED TO ANY TAXPAYER PURSUANT TO THIS SECTION
18 SHALL NOT EXCEED FIFTY THOUSAND DOLLARS.
19 (B) DEFINITION. AS USED IN THIS SECTION, "FEDERAL QUALIFIED TRANSPOR-
20 TATION FRINGE BENEFITS" MEANS A QUALIFIED FEDERAL TRANSPORTATION FRINGE
21 BENEFITS PROGRAM ESTABLISHED AND IMPLEMENTED BY A TAXPAYER IN ACCORDANCE
22 WITH SECTION 132(F) OF THE INTERNAL REVENUE CODE AND THE REGULATIONS
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13197-05-4
S. 6737--B 2
1 ADOPTED PURSUANT THERETO. EVERY SUCH PROGRAM SHALL BE ADMINISTERED BY A
2 THIRD PARTY PROGRAM ADMINISTRATOR.
3 (C) CROSS REFERENCES. FOR APPLICATION OF THE CREDIT PROVIDED FOR IN
4 THIS SECTION, SEE THE FOLLOWING PROVISIONS OF THIS CHAPTER:
5 (1) ARTICLE 9: SECTION 187-T,
6 (2) ARTICLE 9-A: SECTION 210, SUBDIVISION 50,
7 (3) ARTICLE 22: SECTION 606, SUBSECTIONS (I) AND (V),
8 (4) ARTICLE 32: SECTION 1456, SUBSECTION (AA),
9 (5) ARTICLE 33: SECTION 1511, SUBDIVISION (DD).
10 (D) ALLOCATION OF CREDIT. THE AGGREGATE OF TAX CREDITS ALLOWED UNDER
11 THIS SECTION, SECTION ONE HUNDRED EIGHTY-SEVEN-T, SUBDIVISION FIFTY OF
12 SECTION TWO HUNDRED TEN, CLAUSE (XLI) OF SUBPARAGRAPH (B) OF PARAGRAPH
13 ONE OF SUBSECTION (I) AND SUBSECTION (V) OF SECTION SIX HUNDRED SIX,
14 SUBSECTION (AA) OF SECTION FOURTEEN HUNDRED FIFTY-SIX AND SUBDIVISION
15 (DD) OF SECTION FIFTEEN HUNDRED ELEVEN OF THIS CHAPTER SHALL NOT EXCEED
16 FIVE MILLION DOLLARS.
17 S 2. The tax law is amended by adding a new section 187-t to read as
18 follows:
19 S 187-T. CREDIT FOR PROVISION OF EMPLOYEE FEDERAL QUALIFIED TRANSPOR-
20 TATION FRINGE BENEFITS. 1. ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE
21 ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION FORTY-TWO OF
22 THIS CHAPTER, AGAINST THE TAXES IMPOSED BY SECTIONS ONE HUNDRED EIGHTY-
23 THREE, ONE HUNDRED EIGHTY-FOUR AND ONE HUNDRED EIGHTY-FIVE OF THIS ARTI-
24 CLE. PROVIDED, HOWEVER, THAT THE AMOUNT OF SUCH CREDIT ALLOWABLE
25 AGAINST THE TAX IMPOSED BY SECTION ONE HUNDRED EIGHTY-FOUR OF THIS ARTI-
26 CLE SHALL BE THE EXCESS OF THE AMOUNT OF SUCH CREDIT OVER THE AMOUNT OF
27 ANY CREDIT ALLOWED BY THIS SECTION AGAINST THE TAX IMPOSED BY SECTION
28 ONE HUNDRED EIGHTY-THREE OF THIS ARTICLE.
29 2. APPLICATION OF CREDIT. IN NO EVENT SHALL THE CREDIT UNDER THIS
30 SECTION BE ALLOWED IN AN AMOUNT WHICH WILL REDUCE THE TAX PAYABLE TO
31 LESS THAN THE APPLICABLE MINIMUM TAX FIXED BY SECTION ONE HUNDRED EIGHT-
32 Y-THREE OR ONE HUNDRED EIGHTY-FIVE OF THIS ARTICLE.
33 S 3. Section 210 of the tax law is amended by adding a new subdivision
34 50 to read as follows:
35 50. CREDIT FOR PROVISION OF EMPLOYEE FEDERAL QUALIFIED TRANSPORTATION
36 FRINGE BENEFITS. (A) ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE ALLOWED A
37 CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION FORTY-TWO OF THIS CHAPTER,
38 AGAINST THE TAX IMPOSED BY THIS ARTICLE.
39 (B) APPLICATION OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBDIVISION
40 SHALL NOT REDUCE THE TAX DUE TO LESS THAN THE HIGHER OF THE AMOUNTS
41 PRESCRIBED IN PARAGRAPHS (C) AND (D) OF SUBDIVISION ONE OF THIS SECTION.
42 S 4. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
43 of the tax law is amended by adding a new clause (xli) to read as
44 follows:
45 (XLI) CREDIT FOR PROVISION OF AMOUNT OF CREDIT UNDER SUBDIVISION
46 EMPLOYEE FEDERAL QUALIFIED FIFTY OF SECTION TWO HUNDRED
47 TRANSPORTATION FRINGE BENEFITS TEN, SUBSECTION (AA) OF SECTION
48 UNDER SUBSECTION (V) FOURTEEN HUNDRED FIFTY-SIX OR
49 SUBDIVISION (DD) OF SECTION FIFTEEN
50 HUNDRED ELEVEN
51 S 5. Section 606 of the tax law is amended by adding a new subsection
52 (v) to read as follows:
53 (V) CREDIT FOR PROVISION OF EMPLOYEE FEDERAL QUALIFIED TRANSPORTATION
54 FRINGE BENEFITS. ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE ALLOWED A
55 CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION FORTY-TWO OF THIS CHAPTER,
56 AGAINST THE TAX IMPOSED BY THIS ARTICLE.
S. 6737--B 3
1 S 6. Section 1456 of the tax law is amended by adding a new subsection
2 (aa) to read as follows:
3 (AA) CREDIT FOR PROVISION OF EMPLOYEE FEDERAL QUALIFIED TRANSPORTATION
4 FRINGE BENEFITS. (1) ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE ALLOWED A
5 CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION FORTY-TWO OF THIS CHAPTER,
6 AGAINST THE TAX IMPOSED BY THIS ARTICLE.
7 (2) APPLICATION OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBSECTION
8 SHALL NOT REDUCE THE TAX DUE TO LESS THAN THE MINIMUM TAX FIXED BY
9 SUBSECTION (B) OF SECTION FOURTEEN HUNDRED FIFTY-FIVE OF THIS ARTICLE.
10 S 7. Section 1511 of the tax law is amended by adding a new subdivi-
11 sion (dd) to read as follows:
12 (DD) CREDIT FOR PROVISION OF EMPLOYEE FEDERAL QUALIFIED TRANSPORTATION
13 FRINGE BENEFITS. (1) ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE ALLOWED A
14 CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION FORTY-TWO OF THIS CHAPTER,
15 AGAINST THE TAXES IMPOSED BY THIS ARTICLE.
16 (2) APPLICATION OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBDIVISION
17 SHALL NOT REDUCE THE TAX DUE TO LESS THAN THE MINIMUM TAX FIXED BY PARA-
18 GRAPH FOUR OF SUBDIVISION (A) OF SECTION FIFTEEN HUNDRED TWO OF THIS
19 ARTICLE OR BY SECTION FIFTEEN HUNDRED TWO-A OF THIS ARTICLE, WHICHEVER
20 IS APPLICABLE.
21 S 8. This act shall take effect immediately; provided, however, that
22 the amendment to section 1456 of the tax law made by section six of this
23 act shall not affect the repeal of such section and shall be deemed
24 repealed therewith, and the amendment to subparagraph (B) of paragraph
25 (1) of subsection (i) of section 606 of the tax law made by section four
26 of this act shall take effect on the same date and in the same manner as
27 section 68 of part A of chapter 59 of the laws of 2014.
