Bill Text: NY A06593 | 2015-2016 | General Assembly | Introduced
Bill Title: Establishes a one-time tax credit for purchase and installation of a security camera system in convenience stores located in cities with a population of one hundred fifty thousand or more.
Spectrum: Partisan Bill (Democrat 7-0)
Status: (Introduced - Dead) 2016-01-06 - referred to ways and means [A06593 Detail]
Download: New_York-2015-A06593-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 6593 2015-2016 Regular Sessions I N A S S E M B L Y March 27, 2015 ___________ Introduced by M. of A. CRESPO -- Multi-Sponsored by -- M. of A. ARROYO, MOYA, ORTIZ, RAMOS, RIVERA, RODRIGUEZ -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to establishment of a credit for purchase and installation of security camera system in convenience stores located in cities with a population of one hundred fifty thou- sand or more 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 PURCHASE AND INSTALLATION OF SECURITY CAMERA SYSTEM 4 IN CONVENIENCE STORES LOCATED IN CITIES WITH A POPULATION OF ONE HUNDRED 5 FIFTY THOUSAND OR MORE. (A) ALLOWANCE OF CREDIT. IN CITIES WITH A POPU- 6 LATION OF ONE HUNDRED FIFTY THOUSAND OR MORE, A CORPORATION OR A SOLE 7 PROPRIETOR OPERATING A CONVENIENCE STORE OR "BODEGA" SELLING GROCERIES, 8 WHICH IS SUBJECT TO TAX UNDER ARTICLE NINE OR TWENTY-TWO OF THIS CHAP- 9 TER, SHALL BE ALLOWED A ONE-TIME CREDIT AGAINST SUCH TAX FOR THE 10 PURCHASE AND INSTALLATION OF A QUALIFIED SECURITY CAMERA SYSTEM ON STORE 11 PREMISES. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO SEVENTY-FIVE 12 PERCENT OF THE EXPENDITURE INCURRED IN PURCHASING AND INSTALLING ANY 13 SUCH QUALIFIED SECURITY CAMERA SYSTEM IN A CONVENIENCE STORE OR "BODE- 14 GA", BUT NOT TO EXCEED THE MAXIMUM CREDIT OF ONE THOUSAND FIVE HUNDRED 15 DOLLARS. 16 (B) DEFINITION. THE TERM "QUALIFIED SECURITY CAMERA SYSTEM" MEANS 17 EXPENDITURES FOR THE PURCHASE OF A CAMERA SYSTEM, MATERIALS AND LABOR 18 COSTS PROPERLY ALLOCABLE TO ON-SITE PREPARATION, ASSEMBLY AND ORIGINAL 19 INSTALLATION. SUCH QUALIFIED EXPENDITURES SHALL NOT INCLUDE INTEREST OR 20 OTHER FINANCE CHARGES. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05665-01-5 A. 6593 2 1 (C) WHEN CREDIT ALLOWED. THE CREDIT PROVIDED FOR HEREIN SHALL BE 2 ALLOWED WITH RESPECT TO THE TAXABLE YEAR COMMENCING IN WHICH THE SECURI- 3 TY CAMERA SYSTEM IS INSTALLED. 4 (D) CARRYOVER OF CREDIT. IF THE AMOUNT OF THE CREDIT, AND CARRYOVERS 5 OF SUCH CREDIT, ALLOWABLE UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR 6 SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, SUCH EXCESS AMOUNT MAY BE 7 CARRIED OVER TO THE FIVE TAXABLE YEARS NEXT FOLLOWING THE TAXABLE YEAR 8 WITH RESPECT TO WHICH THE CREDIT IS ALLOWED AND MAY BE DEDUCTED FROM THE 9 TAXPAYER'S TAX FOR SUCH YEAR OR YEARS. 10 S 2. Section 606 of the tax law is amended by adding a new subsection 11 (ccc) to read as follows: 12 (CCC) CREDIT FOR PURCHASE AND INSTALLATION OF SECURITY CAMERA SYSTEM 13 IN CONVENIENCE STORES LOCATED IN CITIES WITH A POPULATION OF ONE HUNDRED 14 FIFTY THOUSAND OR MORE. (1) ALLOWANCE OF CREDIT. IN CITIES WITH A POPU- 15 LATION OF ONE HUNDRED FIFTY THOUSAND OR MORE, A TAXPAYER WHICH IS A SOLE 16 PROPRIETOR OPERATING A CONVENIENCE STORE OR "BODEGA" SELLING GROCERIES 17 SHALL BE ALLOWED A ONE-TIME CREDIT FOR PURCHASE AND INSTALLATION OF A 18 SECURITY CAMERA SYSTEM ON STORE PREMISES, TO BE COMPUTED AS PROVIDED IN 19 SECTION FORTY-TWO OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTI- 20 CLE. 21 (2) CARRYOVER OF CREDIT. IF THE AMOUNT OF THE CREDIT, AND CARRYOVERS 22 OF SUCH CREDIT, ALLOWABLE UNDER THIS SUBSECTION FOR ANY TAXABLE YEAR 23 SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, SUCH EXCESS AMOUNT MAY BE 24 CARRIED OVER TO THE FIVE TAXABLE YEARS NEXT FOLLOWING THE TAXABLE YEAR 25 WITH RESPECT TO WHICH THE CREDIT IS ALLOWED AND MAY BE DEDUCTED FROM THE 26 TAXPAYER'S TAX FOR SUCH YEAR OR YEARS. 27 S 3. The tax law is amended by adding a new section 195 to read as 28 follows: 29 S 195. CREDIT FOR PURCHASE AND INSTALLATION OF SECURITY CAMERA SYSTEM 30 IN CONVENIENCE STORES LOCATED IN CITIES WITH A POPULATION OF ONE HUNDRED 31 FIFTY THOUSAND OR MORE. 1. ALLOWANCE OF CREDIT. IN CITIES WITH A POPU- 32 LATION OF ONE HUNDRED FIFTY THOUSAND OR MORE, A TAXPAYER WHICH IS A 33 CORPORATION OPERATING A CONVENIENCE STORE OR "BODEGA" SELLING GROCERIES 34 SHALL BE ALLOWED A ONE-TIME CREDIT FOR PURCHASE AND INSTALLATION OF A 35 SECURITY CAMERA SYSTEM ON STORE PREMISES, TO BE COMPUTED AS PROVIDED IN 36 SECTION FORTY-TWO OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTI- 37 CLE. 38 2. CARRYOVER OF CREDIT. IF THE AMOUNT OF THE CREDIT, AND CARRYOVERS OF 39 SUCH CREDIT, ALLOWABLE UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR SHALL 40 EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, SUCH EXCESS AMOUNT MAY BE 41 CARRIED OVER TO THE FIVE TAXABLE YEARS NEXT FOLLOWING THE TAXABLE YEAR 42 WITH RESPECT TO WHICH THE CREDIT IS ALLOWED AND MAY BE DEDUCTED FROM THE 43 TAXPAYER'S TAX FOR SUCH YEAR OR YEARS. 44 S 4. This act shall take effect January 1, 2016; provided, however, if 45 this act shall become a law after such date it shall take effect imme- 46 diately and shall be deemed to have been in full force and effect on and 47 after January 1, 2016.