Bill Text: NY A01911 | 2017-2018 | General Assembly | Introduced
Bill Title: Relates to a program for flood damage to businesses; provides a tax credit for businesses that purchase flood insurance.
Spectrum: Moderate Partisan Bill (Republican 8-2)
Status: (Introduced - Dead) 2018-05-30 - held for consideration in labor [A01911 Detail]
Download: New_York-2017-A01911-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 1911 2017-2018 Regular Sessions IN ASSEMBLY January 17, 2017 ___________ Introduced by M. of A. CROUCH, BUTLER, FINCH, GIGLIO, HAWLEY, KOLB, LOPEZ, SALADINO -- Multi-Sponsored by -- M. of A. BARCLAY, GUNTHER, MAGEE, RAIA -- read once and referred to the Committee on Labor AN ACT to amend the labor law and the tax law, in relation to a grant program and a tax credit for businesses that purchase flood insurance The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The labor law is amended by adding a new section 44 to read 2 as follows: 3 § 44. Grant program, disaster relief. 1. There shall be established a 4 program to provide grants to businesses operating in an area declared by 5 the governor to be a state disaster emergency declaration area. 6 2. The commissioner shall determine the amount of each grant provided 7 to each qualifying business. A qualifying business may receive up to 8 one grant per declared disaster. Qualifying businesses may apply for 9 such grant to be used to replace or mitigate losses as a result of 10 damage resulting from a disaster in a state disaster emergency declara- 11 tion area. Such losses may include repair or replacement of damaged or 12 destroyed real property and other tangible assets including equipment, 13 furniture and fixtures, supplies and inventory; and debris removal and 14 related clean-up costs. Reimbursement is limited to items used in the 15 normal course of business operations. Compensation may not include loss- 16 es covered by insurance, grants or other governmental sources. 17 3. Qualifying businesses shall include, but not be limited to, resi- 18 dential facilities, agricultural businesses, farm businesses, and busi- 19 nesses operating out of a residence. Casinos and other gambling facili- 20 ties shall not be eligible for such grants. If a business receives such 21 a grant, they are only eligible to receive additional state grants in 22 the amount of fifty thousand dollars or less. Additionally, the commis- 23 sioner is authorized to promulgate rules and regulations to designate 24 additional qualifying businesses and to create a process by which a EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD04577-01-7A. 1911 2 1 business may be exempt from the grant limits imposed by this subdivi- 2 sion. 3 4. Such grants shall not exceed twenty thousand dollars if such busi- 4 ness has one hundred employees or less and shall not exceed fifty thou- 5 sand dollars if such individual and/or business is engaged in farming or 6 if such business has more than one hundred employees. 7 5. The commissioner is authorized to promulgate all rules and regu- 8 lations necessary to implement such grant program. 9 § 2. Section 210-B of the tax law is amended by adding a new subdivi- 10 sion 52 to read as follows: 11 52. Tax credit for businesses which purchase flood insurance. (a) A 12 qualified taxpayer shall be allowed a one time credit for the purchase 13 of flood insurance. The credit shall be equal to seventy-five percent 14 of the cost of flood insurance for the business. 15 (b) In no event shall the credit under this subdivision reduce the tax 16 payable to less than the dollar amount fixed as a minimum tax by para- 17 graph (d) of subdivision one of section two hundred ten of this article. 18 However, if the amount of credit allowed under this subdivision for any 19 taxable year would have reduced the tax to such amount, any amount of 20 credit thus not used in such taxable year may be treated as an overpay- 21 ment of tax to be credited or refunded in accordance with the provisions 22 of section one thousand eighty-six of this chapter. 23 (c) For purposes of this subdivision, "qualified taxpayer" shall mean 24 a taxpayer under this article whose business is located within a state 25 disaster emergency declaration area, which has been affected by flood- 26 ing, and who claims their property as depreciable. 27 § 3. Section 606 of the tax law is amended by adding a new subsection 28 (s-1) to read as follows: 29 (s-1) Credit for business purchase of flood insurance. (1) A qualified 30 taxpayer shall be allowed a one time credit as hereinafter provided, 31 against the tax imposed by this article for the purchase of flood insur- 32 ance. The amount of credit shall be seventy-five percent of the cost to 33 the taxpayer of the purchase of flood insurance for the business. 34 (2) For purposes of this subsection, "qualified taxpayer" shall mean a 35 taxpayer under this article whose business is located within a state 36 disaster emergency declaration area, which has been affected by flood- 37 ing, and who claims their property as depreciable. 38 (3) If the amount of credit allowable under this subsection shall 39 exceed the taxpayer's tax for such year, the excess may be treated as an 40 overpayment of tax to be credited or refunded in accordance with the 41 provisions of section six hundred eighty-six of this article, provided, 42 however, that no interest shall be paid thereon. 43 § 4. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 44 of the tax law is amended by adding a new clause (xliii) to read as 45 follows: 46 (xliii) Purchase of flood insurance Amount of credit under 47 by businesses under subsection subdivision fifty-two of 48 (s-1) section two hundred ten-B 49 § 5. This act shall take effect on the one hundred eightieth day after 50 it shall have become a law.
