Bill Text: NY S07326 | 2023-2024 | General Assembly | Introduced

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Bill Title: Establishes a tax credit of up to $5,000 for the purchase of personal protective equipment (PPE) by employers who employ less than 500 people.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Introduced) 2024-01-03 - REFERRED TO BUDGET AND REVENUE [S07326 Detail]

Download: New_York-2023-S07326-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          7326

                               2023-2024 Regular Sessions

                    IN SENATE

                                      May 19, 2023
                                       ___________

        Introduced  by  Sens.  PARKER, GOUNARDES, RIVERA, STAVISKY -- read twice
          and ordered printed, and when printed to be committed to the Committee
          on Budget and Revenue

        AN ACT to amend the tax law, in relation to establishing  a  tax  credit
          for the purchase of personal protective equipment (PPE) by employers

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Section 210-B of the tax law is amended  by  adding  a  new
     2  subdivision 59 to read as follows:
     3    59.  Credit for the purchase of personal protective equipment (PPE) by
     4  employers. (a) A taxpayer shall be allowed  a  credit  against  the  tax
     5  imposed  by  this article for the purchase of personal protective equip-
     6  ment (PPE) for use by such taxpayer's employees. The total amount of the
     7  credit shall be the cost incurred in purchasing the personal  protective
     8  equipment (PPE) not to exceed a maximum credit of five thousand dollars.
     9    (b)  For  the  purposes of this subdivision, the following terms shall
    10  have the following meanings:
    11    (i) "taxpayer" shall mean any employer resident in this state  employ-
    12  ing five hundred or less persons.
    13    (ii)  "personal  protective  equipment (PPE)" shall mean all equipment
    14  worn or used to minimize exposure to a communicable  disease,  including
    15  but not limited to gloves, masks and faceshields.
    16    (c)  If  the  amount  of credit allowable under this subdivision shall
    17  exceed the taxpayer's tax for such  year, the excess may be carried over
    18  to the following year or years and may be deducted from  the  taxpayer's
    19  tax for such year or years.
    20    (d)  If all or any part of the credit provided for under this subdivi-
    21  sion was allowed or carried over from a prior taxable year or  years,  a
    22  taxpayer  shall  reduce  the  allowable credit for additional qualifying
    23  expenditures in a subsequent tax year by the amount of the credit previ-
    24  ously allowed or carried over.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08029-01-3
        S. 7326                             2

     1    § 2. Section 606 of the tax law is amended by adding a new  subsection
     2  (ooo) to read as follows:
     3    (ooo)  Credit  for the purchase of personal protective equipment (PPE)
     4  by employers.  (1) A taxpayer shall be  allowed  a  credit  of  personal
     5  protective  equipment  (PPE)  for  use by such taxpayer's employees. The
     6  total amount of the credit shall be the cost incurred in purchasing  the
     7  personal protective equipment (PPE) not to exceed a  maximum  credit  of
     8  five thousand dollars.
     9    (2)  For  the  purposes  of this subsection, the following terms shall
    10  have the following meanings:
    11    (i) "taxpayer" shall mean any employer resident in this state  employ-
    12  ing five hundred or less persons.
    13    (ii)  "personal  protective  equipment (PPE)" shall mean all equipment
    14  worn or used to minimize exposure to a communicable  disease,  including
    15  but not limited to gloves, masks and faceshields.
    16    (3)  If  the  amount  of  credit allowable under this subsection shall
    17  exceed the taxpayer's tax for such year, the excess may be carried  over
    18  to  the  following year or years and may be deducted from the taxpayer's
    19  tax for such year or years.
    20    (4) If all  or  any  part  of  the  credit  provided  for  under  this
    21  subsection  was  allowed  or  carried  over from a prior taxable year or
    22  years, a taxpayer shall reduce the allowable credit for additional qual-
    23  ifying expenditures in a subsequent tax year by the amount of the credit
    24  previously allowed or carried over.
    25    § 3. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
    26  of the tax law is amended by adding a new clause (l) to read as follows:

    27  (l) Credit for                       Amount of credit
    28  the purchase of personal             under subdivision
    29  protective equipment (PPE)           fifty-nine of section
    30  by employers under subsection        two hundred ten-B
    31  (ooo)

    32    §  4.  This  act shall take effect immediately, and shall apply to the
    33  taxable year in which it takes effect and all subsequent taxable years.