S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  2458

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            January 15, 2013
                               ___________

Introduced  by  M.  of A. CROUCH, BUTLER, FINCH, KOLB, P. LOPEZ, GIGLIO,
  HAWLEY, SALADINO -- Multi-Sponsored by -- M. of A.  BARCLAY,  GUNTHER,
  MAGEE, RAIA, REILICH, TEDISCO, TENNEY -- 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-
SIONER IS AUTHORIZED TO PROMULGATE RULES AND  REGULATIONS  TO  DESIGNATE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06272-01-3
              

A. 2458                             2

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
46 to read as follows:
  46. 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 QUALIFIED
TAXPAYER SHALL BE ALLOWED A ONE TIME  CREDIT  AS  HEREINAFTER  PROVIDED,
AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR THE PURCHASE OF FLOOD INSUR-
ANCE.  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 SUBSECTION, "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 is amended by adding a  new  clause  (xxxv)  to  read  as
follows:

(XXXV) PURCHASE OF FLOOD INSURANCE   AMOUNT OF CREDIT UNDER
BY BUSINESSES UNDER SUBSECTION       SUBDIVISION FORTY-SIX OF
(S-1)                                SECTION TWO HUNDRED TEN
  S 5. This act shall take effect on the one hundred eightieth day after
it shall have become a law.