Bill Text: NY A05419 | 2013-2014 | General Assembly | Introduced
Bill Title: Creates the severe weather business recovery fund and provides a tax credit for certain donations to assist small businesses in severe weather recovery.
Spectrum: Partisan Bill (Democrat 9-0)
Status: (Introduced - Dead) 2014-01-08 - referred to ways and means [A05419 Detail]
Download: New_York-2013-A05419-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 5419 2013-2014 Regular Sessions I N A S S E M B L Y February 26, 2013 ___________ Introduced by M. of A. SCARBOROUGH -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to providing a tax credit for certain donations to assist small businesses in severe weather recov- ery; and to amend the New York state urban development corporation act, in relation to creating the severe weather business recovery fund 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 (vv) to read as follows: 3 (VV) SMALL BUSINESS RECOVERY DONATION CREDIT. (1) ALLOWANCE OF CREDIT. 4 A TAXPAYER SHALL BE ALLOWED A CREDIT AS HEREINAFTER PROVIDED, AGAINST 5 THE TAX IMPOSED BY THIS ARTICLE FOR DONATIONS OF AT LEAST ONE THOUSAND 6 DOLLARS WHICH ARE MADE TO THE SEVERE WEATHER BUSINESS RECOVERY FUND 7 ESTABLISHED UNDER SECTION SIXTEEN-V OF THE NEW YORK URBAN DEVELOPMENT 8 CORPORATION ACT. THE AMOUNT OF THE CREDIT SHALL BE FIFTY PERCENT OF ANY 9 DONATION OVER ONE THOUSAND DOLLARS. 10 (2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER 11 THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR 12 SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE 13 CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX 14 HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST 15 SHALL BE PAID THEREON. 16 (3) PROOF OF CLAIM. THE COMMISSIONER MAY REQUIRE A QUALIFIED TAXPAYER 17 TO FURNISH PROOF OF HIS OR HER DONATION TO THE SEVERE WEATHER BUSINESS 18 RECOVERY FUND. 19 S 2. Section 1 of chapter 174 of the laws of 1968, constituting the 20 New York state urban development corporation act, is amended by adding a 21 new section 16-v to read as follows: 22 S 16-V. SEVERE WEATHER BUSINESS RECOVERY FUND. 1. THE CORPORATION 23 SHALL ESTABLISH A FUND TO BE KNOWN AS THE "SEVERE WEATHER BUSINESS EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07714-01-3 A. 5419 2 1 RECOVERY FUND" TO CONSIST OF MONIES DONATED THERETO AND ALL OTHER MONIES 2 APPROPRIATED, CREDITED, OR TRANSFERRED THERETO FROM ANY OTHER FUND OR 3 SOURCE PURSUANT TO LAW. THE MONIES HELD IN OR CREDITED TO THE FUND 4 SHALL BE EXPENDED SOLELY FOR THE PURPOSES SET FORTH IN THIS SECTION. THE 5 CORPORATION SHALL NOT COMMINGLE THE MONIES OF SUCH FUND WITH ANY OTHER 6 MONIES OF THE CORPORATION OR ANY MONIES HELD IN TRUST BY THE CORPO- 7 RATION. 8 2. THE CORPORATION IS AUTHORIZED, WITHIN AVAILABLE APPROPRIATIONS, TO 9 PROVIDE FINANCIAL ASSISTANCE TO SMALL BUSINESSES IMPACTED BY A SEVERE 10 WEATHER EVENT FOR THE PURPOSE OF SUPPORTING THE ECONOMIC RECOVERY OF 11 SUCH BUSINESSES FROM THE FINANCIAL IMPACT OF SUCH WEATHER EVENT. 12 3. AN APPLICATION FOR ASSISTANCE UNDER THIS SECTION SHALL BE SUBMITTED 13 IN SUCH FORM AND IN ACCORDANCE WITH SUCH PROCEDURES AS THE CORPORATION 14 SHALL ESTABLISH. 15 4. THE CORPORATION SHALL DEVELOP CRITERIA TO BE USED IN EVALUATING 16 GRANT APPLICATIONS. SUCH CRITERIA SHALL INCLUDE, BUT NOT BE LIMITED TO: 17 (A) THE EXTENT OF THE ECONOMIC IMPACT ON THE APPLICANT; 18 (B) THE ABILITY OF THE APPLICANT TO LEVERAGE OTHER FUNDS; 19 (C) FINANCIAL COMMITMENT AND VIABILITY OF THE APPLICANT; AND 20 (D) THE LIKELIHOOD THAT THE ECONOMIC BENEFITS WILL BE MANIFEST WITHIN 21 A SIX- TO TWELVE-MONTH PERIOD. 22 S 3. This act shall take effect immediately and shall apply to taxable 23 years beginning on and after January 1, 2013.