S T A T E O F N E W Y O R K
________________________________________________________________________
4281
2009-2010 Regular Sessions
I N A S S E M B L Y
February 2, 2009
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Introduced by M. of A. CROUCH, BUTLER, FINCH, KOLB, O'MARA, P. LOPEZ,
WALKER, GIGLIO, ERRIGO, HAWLEY, SALADINO -- Multi-Sponsored by -- M.
of A. ALFANO, BARCLAY, BARRA, BURLING, CONTE, GUNTHER, MAGEE, MILLER,
MOLINARO, RAIA, REILICH, SAYWARD, SCOZZAFAVA, SPANO, TEDISCO, TOWNSEND
-- read once and referred to the Committee on Labor
AN ACT to amend the labor law and the tax law, in relation to a grant
program and a tax credit for businesses that purchase flood insurance
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The labor law is amended by adding a new section 44 to read
as follows:
S 44. GRANT PROGRAM, DISASTER RELIEF. 1. THERE SHALL BE ESTABLISHED A
PROGRAM TO PROVIDE GRANTS TO BUSINESSES OPERATING IN AN AREA DECLARED BY
THE GOVERNOR TO BE A STATE DISASTER EMERGENCY DECLARATION AREA.
2. THE COMMISSIONER SHALL DETERMINE THE AMOUNT OF EACH GRANT PROVIDED
TO EACH QUALIFYING BUSINESS. A QUALIFYING BUSINESS MAY RECEIVE UP TO
ONE GRANT PER DECLARED DISASTER. QUALIFYING BUSINESSES MAY APPLY FOR
SUCH GRANT TO BE USED TO REPLACE OR MITIGATE LOSSES AS A RESULT OF
DAMAGE RESULTING FROM A DISASTER IN A STATE DISASTER EMERGENCY DECLARA-
TION AREA. SUCH LOSSES MAY INCLUDE REPAIR OR REPLACEMENT OF DAMAGED OR
DESTROYED REAL PROPERTY AND OTHER TANGIBLE ASSETS INCLUDING EQUIPMENT,
FURNITURE AND FIXTURES, SUPPLIES AND INVENTORY; AND DEBRIS REMOVAL AND
RELATED CLEAN-UP COSTS. REIMBURSEMENT IS LIMITED TO ITEMS USED IN THE
NORMAL COURSE OF BUSINESS OPERATIONS. COMPENSATION MAY NOT INCLUDE LOSS-
ES COVERED BY INSURANCE, GRANTS OR OTHER GOVERNMENTAL SOURCES.
3. QUALIFYING BUSINESSES SHALL INCLUDE, BUT NOT BE LIMITED TO, RESI-
DENTIAL FACILITIES, AGRICULTURAL BUSINESSES, FARM BUSINESSES, AND BUSI-
NESSES OPERATING OUT OF A RESIDENCE. CASINOS AND OTHER GAMBLING FACILI-
TIES SHALL NOT BE ELIGIBLE FOR SUCH GRANTS. IF A BUSINESS RECEIVES SUCH
A GRANT, THEY ARE ONLY ELIGIBLE TO RECEIVE ADDITIONAL STATE GRANTS IN
THE AMOUNT OF FIFTY THOUSAND DOLLARS OR LESS. ADDITIONALLY, THE COMMIS-
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06773-01-9
A. 4281 2
SIONER IS AUTHORIZED TO PROMULGATE RULES AND REGULATIONS TO DESIGNATE
ADDITIONAL QUALIFYING BUSINESSES AND TO CREATE A PROCESS BY WHICH A
BUSINESS MAY BE EXEMPT FROM THE GRANT LIMITS IMPOSED BY THIS SUBDIVI-
SION.
4. SUCH GRANTS SHALL NOT EXCEED TWENTY THOUSAND DOLLARS IF SUCH BUSI-
NESS HAS ONE HUNDRED EMPLOYEES OR LESS AND SHALL NOT EXCEED FIFTY THOU-
SAND DOLLARS IF SUCH INDIVIDUAL AND/OR BUSINESS IS ENGAGED IN FARMING OR
IF SUCH BUSINESS HAS MORE THAN ONE HUNDRED EMPLOYEES.
5. THE COMMISSIONER IS AUTHORIZED TO PROMULGATE ALL RULES AND REGU-
LATIONS NECESSARY TO IMPLEMENT SUCH GRANT PROGRAM.
S 2. Section 210 of the tax law is amended by adding a new subdivision
41 to read as follows:
41. TAX CREDIT FOR BUSINESSES WHICH PURCHASE FLOOD INSURANCE. (A) A
QUALIFIED TAXPAYER SHALL BE ALLOWED A ONE TIME CREDIT FOR THE PURCHASE
OF FLOOD INSURANCE. THE CREDIT SHALL BE EQUAL TO SEVENTY-FIVE PERCENT
OF THE COST OF FLOOD INSURANCE FOR THE BUSINESS.
(B) IN NO EVENT SHALL THE CREDIT UNDER THIS SUBDIVISION REDUCE THE TAX
PAYABLE TO LESS THAN THE DOLLAR AMOUNT FIXED AS A MINIMUM TAX BY PARA-
GRAPH (D) OF SUBDIVISION ONE OF THIS SECTION. HOWEVER, IF THE AMOUNT OF
CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR WOULD HAVE
REDUCED THE TAX TO SUCH AMOUNT, ANY AMOUNT OF CREDIT THUS NOT USED IN
SUCH TAXABLE YEAR MAY BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED
OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION ONE THOUSAND
EIGHTY-SIX OF THIS CHAPTER.
(C) FOR PURPOSES OF THIS SUBDIVISION, "QUALIFIED TAXPAYER" SHALL MEAN
A TAXPAYER UNDER THIS ARTICLE WHOSE BUSINESS IS LOCATED WITHIN A STATE
DISASTER EMERGENCY DECLARATION AREA, WHICH HAS BEEN AFFECTED BY FLOOD-
ING, AND WHO CLAIMS THEIR PROPERTY AS DEPRECIABLE.
S 3. Section 606 of the tax law is amended by adding a new subsection
(s-1) to read as follows:
(S-1) CREDIT FOR BUSINESS PURCHASE OF FLOOD INSURANCE. (1) A TAXPAYER
SHALL BE ALLOWED A ONE TIME CREDIT AS HEREINAFTER PROVIDED, AGAINST THE
TAX IMPOSED BY THIS ARTICLE FOR THE PURCHASE OF FLOOD INSURANCE. THE
AMOUNT OF CREDIT SHALL BE SEVENTY-FIVE PERCENT OF THE COST TO THE
TAXPAYER OF THE PURCHASE OF FLOOD INSURANCE FOR THE BUSINESS.
(2) FOR PURPOSES OF THIS SUBDIVISION, "QUALIFIED TAXPAYER" SHALL MEAN
A TAXPAYER UNDER THIS ARTICLE WHOSE BUSINESS IS LOCATED WITHIN A STATE
DISASTER EMERGENCY DECLARATION AREA, WHICH HAS BEEN AFFECTED BY FLOOD-
ING, AND WHO CLAIMS THEIR PROPERTY AS DEPRECIABLE.
(3) IF THE AMOUNT OF CREDIT ALLOWABLE UNDER THIS SUBSECTION SHALL
EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS MAY BE TREATED AS AN
OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE
PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED,
HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
S 4. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
of the tax law, as amended by section 2 of part ZZ-1 of chapter 57 of
the laws of 2008, is amended to read as follows:
(B) shall be treated as the owner of a new business with respect to
such share if the corporation qualifies as a new business pursuant to
paragraph (j) of subdivision twelve of section two hundred ten of this
chapter.
The corporation's credit base under
section two hundred ten or section
With respect to the following fourteen hundred fifty-six of this
credit under this section: chapter is:
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(I) Investment tax credit Investment credit base
under subsection (a) or qualified
rehabilitation
expenditures under
subdivision twelve of
section two hundred ten
(II) Empire zone Cost or other basis
investment tax credit under subdivision
under subsection (j) twelve-B
of section two hundred
ten
(III) Empire zone Eligible wages under
wage tax credit subdivision nineteen of
under subsection (k) section two hundred ten
or subsection (e) of
section fourteen hundred
fifty-six
(IV) Empire zone Qualified investments
capital tax credit and contributions under
under subsection (l) subdivision twenty of
section two hundred ten
or subsection (d) of
section fourteen hundred
fifty-six
(V) Agricultural property tax Allowable school
credit under subsection (n) district property taxes under
subdivision twenty-two of
section two hundred ten
(VI) Credit for employment Qualified first-year wages or
of persons with dis- qualified second-year wages
abilities under under subdivision
subsection (o) twenty-three of section
two hundred ten
or subsection (f)
of section fourteen
hundred fifty-six
(VII) Employment incentive Applicable investment credit
credit under subsec- base under subdivision
tion (a-1) twelve-D of section two
hundred ten
(VIII) Empire zone Applicable investment
employment credit under sub-
incentive credit under division twelve-C
subsection (j-1) of section two hundred ten
(IX) Alternative fuels credit Cost under subdivision
under subsection (p) twenty-four of section two
hundred ten
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(X) Qualified emerging Applicable credit base
technology company under subdivision twelve-E
employment credit of section two hundred ten
under subsection (q)
(XI) Qualified emerging Qualified investments under
technology company subdivision twelve-F of
capital tax credit section two hundred ten
under subsection (r)
(XII) Credit for purchase of an Cost of an automated
automated external defibrillator external defibrillator under
under subsection (s) subdivision twenty-five of
section two hundred ten
or subsection (j) of section
fourteen hundred fifty-six
(XIII) Low-income housing Credit amount under
credit under subsection (x) subdivision thirty
of section two hundred ten or
subsection (l) of section
fourteen hundred fifty-six
(XIV) Credit for transportation Amount of credit under sub-
improvement contributions division thirty-two of section
under subsection (z) two hundred ten or subsection
(n) of section fourteen
hundred fifty-six
(XV) QEZE credit for real property Amount of credit under
taxes under subsection (bb) subdivision twenty-seven of
section two hundred ten or
subsection (o) of section
fourteen hundred fifty-six
(XVI) QEZE tax reduction credit Amount of benefit period
under subsection (cc) factor, employment increase factor
and zone allocation
factor (without regard
to pro ration) under
subdivision twenty-eight of
section two hundred ten or
subsection (p) of section
fourteen hundred fifty-six
and amount of tax factor
as determined under
subdivision (f) of section sixteen
(XVII) Green building credit Amount of green building credit
under subsection (y) under subdivision thirty-one
of section two hundred ten
or subsection (m) of section
fourteen hundred fifty-six
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(XVIII) Credit for long-term Qualified costs under
care insurance premiums subdivision twenty-five-a of
under subsection (aa) section two hundred ten
or subsection (k) of section
fourteen hundred fifty-six
(XIX) Brownfield redevelopment Amount of credit
credit under subsection under subdivision
(dd) thirty-three of section
two hundred ten
or subsection (q) of
section fourteen hundred
fifty-six
(XX) Remediated brownfield Amount of credit under
credit for real property subdivision thirty-four
taxes for qualified of section two hundred
sites under subsection ten or subsection (r) of
(ee) section fourteen hundred
fifty-six
(XXI) Environmental Amount of credit under
remediation subdivision thirty-five of
insurance credit under section two hundred
subsection (ff) ten or subsection
(s) of section
fourteen hundred
fifty-six
(XXII) Empire state film production Amount of credit for
credit under qualified
subsection (gg) production costs in production
of a qualified film under
subdivision thirty-six of
section two hundred ten
(XXIII) Qualified emerging Qualifying expenditures and
technology company facilities, development activities under
operations and training credit subdivision twelve-G of section
under subsection (nn) two hundred ten
(XXIV) Security training tax Amount of credit
credit under under subdivision thirty-seven
subsection (ii) of section two hundred ten or
under subsection (t) of
section fourteen hundred fifty-six
(XXV) Credit for qualified fuel Amount of credit under
cell electric generating equipment subdivision thirty-seven
expenditures under subsection (g-2) of section two hundred ten
or subsection (t) of
section fourteen hundred
fifty-six
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(XXVI) Empire state commercial Amount of credit for
production credit qualified
under subsection (jj) production costs in production
of a qualified commercial under
subdivision thirty-eight of sec-
tion two hundred ten
(XXVII) Biofuel production Amount of credit
tax credit under under subdivision
subsection (jj) thirty-eight of
section two hundred ten
(XXVIII) Clean heating fuel credit Amount of credit under
under subsection (mm) subdivision thirty-nine of
section two hundred ten
(XXIX) Credit for rehabilitation Amount of credit under
of historic properties subdivision forty of
under subsection (oo) [subsection] SECTION
two hundred ten
(XXX) Credit for companies who Amount of credit under
provide transportation subdivision forty of
to individuals section two hundred ten
with disabilities
under subsection (oo)
(XXXI) PURCHASE OF FLOOD INSURANCE AMOUNT OF CREDIT UNDER
BY BUSINESSES UNDER SUBSECTION SUBDIVISION FORTY-ONE OF
(S-1) SECTION TWO HUNDRED TEN
S 5. This act shall take effect immediately; provided, however, that
sections two and three of this act shall be deemed to have been in full
force and effect on and after January 1, 2008; and provided, further
that the empire state film production credit under subsection (gg), the
empire state commercial production credit under subsection (jj) and the
credit for companies who provide transportation to individuals with
disabilities under subsection (oo) of section 606 of the tax law
contained in section four of this act shall expire on the same date as
provided in section 9 of part P of chapter 60 of the laws of 2004, as
amended, section 10 of part V of chapter 62 of the laws of 2006, as
amended and section 5 of chapter 522 of the laws of 2006, as amended,
respectively.