STATE OF NEW YORK ________________________________________________________________________ 2863 2023-2024 Regular Sessions IN ASSEMBLY January 27, 2023 ___________ Introduced by M. of A. PHEFFER AMATO -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to creating a tax credit for small businesses which are required to have and maintain marine bulk- heads The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 606 of the tax law is amended by adding a new 2 subsection (ooo) to read as follows: 3 (ooo) Credit for small businesses required to maintain marine bulk- 4 heads. (1) For taxable years commencing on and after January first, two 5 thousand twenty-three, any business which is independently owned and 6 operated and employs one hundred or fewer persons on a full-time basis 7 within the state which is required to have marine bulkheads, shall be 8 allowed a credit against the tax imposed by this article in an amount 9 equal to one hundred percent of the total cost attributable to the main- 10 tenance of such bulkheads during the taxable year. 11 (2) In order to qualify for the credit provided in this subsection the 12 business described in paragraph one of this subsection shall be required 13 to have and maintain marine bulkheads and shall submit documentation to 14 the commissioner to substantiate such requirement. 15 (3) The commissioner shall promulgate rules and regulations to estab- 16 lish procedures for the allocation of tax credits pursuant to this 17 subsection. Such rules and regulations shall include provisions describ- 18 ing the documentation required to be provided by a taxpayer to substan- 19 tiate the amount of tax credits allocated to such taxpayer, the stand- 20 ards which shall be used to evaluate such documentation and such other 21 provisions as deemed necessary and appropriate. 22 § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 23 of the tax law is amended by adding a new clause (l) to read as follows: EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD06368-01-3A. 2863 2 1 (l) Credit for small businesses Amount of credit under 2 required to maintain marine subdivision fifty-nine of 3 bulkheads under subsection (ooo) section two hundred ten-B 4 § 3. Section 210-B of the tax law is amended by adding a new subdivi- 5 sion 59 to read as follows: 6 59. Credit for small businesses required to maintain marine bulkheads. 7 (a) For taxable years commencing on and after January first, two thou- 8 sand twenty-three, any business which is independently owned and oper- 9 ated and employs one hundred or fewer persons on a full-time basis with- 10 in the state which is required to have marine bulkheads, shall be 11 allowed a credit against the tax imposed by this article in an amount 12 equal to one hundred percent of the total cost attributable to the main- 13 tenance of such bulkheads during the taxable year. 14 (b) In order to qualify for the credit provided in this subdivision 15 the business described in paragraph (a) of this subdivision shall be 16 required to have and maintain marine bulkheads and shall submit documen- 17 tation to the commissioner to substantiate such requirement. 18 (c) The commissioner shall promulgate rules and regulations to estab- 19 lish procedures for the allocation of tax credits pursuant to this 20 subdivision. Such rules and regulations shall include provisions 21 describing the documentation required to be provided by a taxpayer to 22 substantiate the amount of tax credits allocated to such taxpayer, the 23 standards which shall be used to evaluate such documentation and such 24 other provisions as deemed necessary and appropriate. 25 § 4. This act shall take effect immediately.