Bill Text: NY S01144 | 2019-2020 | General Assembly | Introduced


Bill Title: Establishes corporate, business franchise, personal, insurance and banking tax credits for the provision of employee federal qualified transportation fringe benefits.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2019-01-11 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S01144 Detail]

Download: New_York-2019-S01144-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          1144
                               2019-2020 Regular Sessions
                    IN SENATE
                                    January 11, 2019
                                       ___________
        Introduced  by Sen. CARLUCCI -- read twice and ordered printed, and when
          printed to be committed to the Committee on Investigations and Govern-
          ment Operations
        AN ACT to amend the tax law, in relation to establishing tax credits for
          taxpayers which provide their employees with access to federal  quali-
          fied transportation fringe benefits
          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 44  to  read
     2  as follows:
     3    §  44.  Credit for provision of employee federal qualified transporta-
     4  tion fringe benefits. (a) Allowance of  credit.  For  the  taxable  year
     5  commencing  on  January first, two thousand nineteen, a taxpayer subject
     6  to tax under article nine, nine-A, twenty-two or  thirty-three  of  this
     7  chapter  shall  be  allowed  a  credit against such tax, pursuant to the
     8  provisions referenced in subdivision (d) of  this  section.  The  credit
     9  shall be allowed where a taxpayer has established and implemented feder-
    10  al qualified transportation fringe benefits for its employees during the
    11  taxable  year  in which such credit is claimed, and the taxpayer has not
    12  provided such benefits to its employees during any prior  taxable  year.
    13  The  credit  shall  be  equal  to fifty dollars for each employee of the
    14  taxpayer who elected to participate in the taxpayer's federal  qualified
    15  transportation  fringe benefits program during the taxable year in which
    16  such program is established by the taxpayer. The amount  of  the  credit
    17  granted  to any taxpayer pursuant to this section shall not exceed fifty
    18  thousand dollars.
    19    (b) Definition. As used in this section, "federal qualified  transpor-
    20  tation  fringe benefits" means a qualified federal transportation fringe
    21  benefits program established and implemented by a taxpayer in accordance
    22  with section 132(f) of the internal revenue  code  and  the  regulations
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06314-01-9

        S. 1144                             2
     1  adopted pursuant thereto.  Every such program shall be administered by a
     2  third party program administrator.
     3    (c)  Cross  references.  For application of the credit provided for in
     4  this section, see the following provisions of this chapter:
     5    (1) Article 9: Section 187-t,
     6    (2) Article 9-A: Section 210-B, subdivision 53,
     7    (3) Article 22: Section 606, subsections (i) and (jjj),
     8    (4) Article 33: Section 1511, subdivision (dd).
     9    (d) Allocation of credit. The aggregate of tax credits  allowed  under
    10  this  section,  section  one  hundred eighty-seven-t, subdivision fifty-
    11  three of section two hundred ten-B, clause (xliv) of subparagraph (B) of
    12  paragraph one of subsection (i) and  subsection  (jjj)  of  section  six
    13  hundred  six  and  subdivision (dd) of section fifteen hundred eleven of
    14  this chapter shall not exceed five million dollars.
    15    § 2. The tax law is amended by adding a new section 187-t to  read  as
    16  follows:
    17    §  187-t. Credit for provision of employee federal qualified transpor-
    18  tation fringe benefits. 1. Allowance of  credit.  A  taxpayer  shall  be
    19  allowed  a  credit,  to be computed as provided in section forty-four of
    20  this chapter, against the taxes imposed by sections one hundred  eighty-
    21  three  and  one hundred eighty-four of this article.  Provided, however,
    22  that the amount of such credit allowable  against  the  tax  imposed  by
    23  section  one  hundred eighty-four of this article shall be the excess of
    24  the amount of such credit over the amount of any credit allowed by  this
    25  section  against  the tax imposed by section one hundred eighty-three of
    26  this article.
    27    2. Application of credit. In no event  shall  the  credit  under  this
    28  section  be  allowed  in  an amount which will reduce the tax payable to
    29  less than the applicable minimum tax fixed by section one hundred eight-
    30  y-three of this article.
    31    § 3. Section 210-B of the tax law is amended by adding a new  subdivi-
    32  sion 53 to read as follows:
    33    53.  Credit for provision of employee federal qualified transportation
    34  fringe benefits. (a) Allowance of credit. A taxpayer shall be allowed  a
    35  credit,  to  be computed as provided in section forty-four of this chap-
    36  ter, against the tax imposed by this article.
    37    (b) Application of credit. The credit allowed under  this  subdivision
    38  shall  not  reduce  the  tax  due to less than the higher of the amounts
    39  prescribed in paragraphs (c) and (d) of subdivision one of this section.
    40    § 4. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
    41  of  the  tax  law  is  amended  by adding a new clause (xliv) to read as
    42  follows:
    43  (xliv) Credit for provision of       Amount of credit under subdivision
    44  employee federal qualified           fifty-three of section two hundred
    45  transportation fringe benefits       ten-B, or subdivision (dd) of
    46  under subsection (jjj)               section fifteen hundred eleven
    47    § 5. Section 606 of the tax law is amended by adding a new  subsection
    48  (jjj) to read as follows:
    49    (jjj)  Credit  for provision of employee federal qualified transporta-
    50  tion fringe benefits. Allowance of credit. A taxpayer shall be allowed a
    51  credit, to be computed as provided in section forty-four of  this  chap-
    52  ter, against the tax imposed by this article.
    53    §  6.  Section 1511 of the tax law is amended by adding a new subdivi-
    54  sion (dd) to read as follows:
    55    (dd) Credit for provision of employee federal qualified transportation
    56  fringe benefits. (1) Allowance of credit. A taxpayer shall be allowed  a

        S. 1144                             3
     1  credit,  to  be computed as provided in section forty-four of this chap-
     2  ter, against the taxes imposed by this article.
     3    (2)  Application  of credit. The credit allowed under this subdivision
     4  shall not reduce the tax due to less than the minimum tax fixed by para-
     5  graph four of subdivision (a) of section fifteen  hundred  two  of  this
     6  article  or  by section fifteen hundred two-a of this article, whichever
     7  is applicable.
     8    § 7. This act shall take effect immediately.
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