Bill Text: NY A10003 | 2017-2018 | General Assembly | Introduced


Bill Title: Creates a tax credit for small businesses which suffer a financial loss due to state or local infrastructure projects; provides that to qualify for such credit the business shall have suffered a financial loss of at least twenty-five percent of their projected revenue for the taxable year as a direct result of such state or local infrastructure project.

Spectrum: Moderate Partisan Bill (Democrat 14-4)

Status: (Introduced) 2018-03-07 - referred to ways and means [A10003 Detail]

Download: New_York-2017-A10003-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          10003
                   IN ASSEMBLY
                                      March 7, 2018
                                       ___________
        Introduced  by M. of A. SIMOTAS -- read once and referred to the Commit-
          tee on Ways and Means
        AN ACT to amend the tax law, in relation to tax credit for  small  busi-
          nesses which suffer financial losses due to state or local infrastruc-
          ture projects
          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 (ccc) to read as follows:
     3    (ccc) Credit for small businesses affected by infrastructure projects.
     4  (1)  For  taxable years commencing on and after January first, two thou-
     5  sand eighteen, any business which is independently  owned  and  operated
     6  and employs one hundred or fewer persons on a full-time basis within the
     7  state  which  has  been significantly impacted or dislocated by state or
     8  local infrastructure projects including, but not limited  to,  metropol-
     9  itan  transportation  authority  projects,  shall  be  allowed  a credit
    10  against the tax imposed by this  article  in  an  amount  equal  to  one
    11  hundred  percent  of  the  total  loss the business has suffered that is
    12  attributable to such infrastructure projects during such taxable year.
    13    (2) In order to qualify for the credit provided in this subsection the
    14  business described in  paragraph  one  of  this  subsection  shall  have
    15  suffered  a  financial  loss  of  at  least twenty-five percent of their
    16  projected revenue for such taxable year as a direct result of such state
    17  or local infrastructure project.
    18    § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
    19  of  the  tax  law  is  amended  by adding a new clause (xliv) to read as
    20  follows:
    21  (xliv) Credit for small businesses   Amount of credit under
    22  affected by infrastructure           subdivision fifty-three of
    23  projects under subsection (ccc)      section two hundred ten-B
    24    § 3. Section 210-B of the tax law is amended by adding a new  subdivi-
    25  sion 53 to read as follows:
    26    (53)  Credit for small businesses affected by infrastructure projects.
    27  (a) For taxable years commencing on and after January first,  two  thou-
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14771-01-8

        A. 10003                            2
     1  sand  eighteen,  any  business which is independently owned and operated
     2  and employs one hundred or fewer persons on a full-time basis within the
     3  state which has been significantly impacted or dislocated  by  state  or
     4  local  infrastructure  projects including, but not limited to, metropol-
     5  itan transportation  authority  projects,  shall  be  allowed  a  credit
     6  against  the  tax  imposed  by  this  article  in an amount equal to one
     7  hundred percent of the total loss the  business  has  suffered  that  is
     8  attributable to such infrastructure projects during such taxable year.
     9    (b)  In  order  to qualify for the credit provided in this subdivision
    10  the business described in paragraph (a) of this subdivision  shall  have
    11  suffered  a  financial  loss  of  at  least twenty-five percent of their
    12  projected revenue for such taxable year as a direct result of such state
    13  or local infrastructure project.
    14    § 4. This act shall take effect immediately.
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