S T A T E   O F   N E W   Y O R K
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                                  5419

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            February 26, 2013
                               ___________

Introduced  by  M.  of  A.  SCARBOROUGH -- read once and referred to the
  Committee on Ways and Means

AN ACT to amend the tax law, in relation to providing a tax  credit  for
  certain  donations to assist small businesses in severe weather recov-
  ery; and to amend the New York  state  urban  development  corporation
  act, in relation to creating the severe weather business recovery fund

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
subsection (vv) to read as follows:
  (VV) SMALL BUSINESS RECOVERY DONATION CREDIT. (1) ALLOWANCE OF CREDIT.
A  TAXPAYER  SHALL  BE ALLOWED A CREDIT AS HEREINAFTER PROVIDED, AGAINST
THE TAX IMPOSED BY THIS ARTICLE FOR DONATIONS OF AT LEAST  ONE  THOUSAND
DOLLARS  WHICH  ARE  MADE  TO  THE SEVERE WEATHER BUSINESS RECOVERY FUND
ESTABLISHED UNDER SECTION SIXTEEN-V OF THE NEW  YORK  URBAN  DEVELOPMENT
CORPORATION  ACT. THE AMOUNT OF THE CREDIT SHALL BE FIFTY PERCENT OF ANY
DONATION OVER ONE THOUSAND DOLLARS.
  (2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT  ALLOWED  UNDER
THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
SUCH  YEAR,  THE  EXCESS SHALL 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.
  (3) PROOF OF CLAIM. THE COMMISSIONER MAY REQUIRE A QUALIFIED  TAXPAYER
TO  FURNISH  PROOF OF HIS OR HER DONATION TO THE SEVERE WEATHER BUSINESS
RECOVERY FUND.
  S 2. Section 1 of chapter 174 of the laws of  1968,  constituting  the
New York state urban development corporation act, is amended by adding a
new section 16-v to read as follows:
  S  16-V.  SEVERE  WEATHER  BUSINESS  RECOVERY FUND. 1. THE CORPORATION
SHALL ESTABLISH A FUND TO BE  KNOWN  AS  THE  "SEVERE  WEATHER  BUSINESS

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07714-01-3
              

A. 5419                             2

RECOVERY FUND" TO CONSIST OF MONIES DONATED THERETO AND ALL OTHER MONIES
APPROPRIATED,  CREDITED,  OR  TRANSFERRED THERETO FROM ANY OTHER FUND OR
SOURCE PURSUANT TO LAW. THE MONIES HELD   IN OR  CREDITED  TO  THE  FUND
SHALL BE EXPENDED SOLELY FOR THE PURPOSES SET FORTH IN THIS SECTION. THE
CORPORATION  SHALL  NOT COMMINGLE THE MONIES OF SUCH FUND WITH ANY OTHER
MONIES OF THE CORPORATION OR ANY MONIES HELD  IN  TRUST  BY  THE  CORPO-
RATION.
  2.  THE CORPORATION IS AUTHORIZED, WITHIN AVAILABLE APPROPRIATIONS, TO
PROVIDE FINANCIAL ASSISTANCE TO SMALL BUSINESSES IMPACTED  BY  A  SEVERE
WEATHER  EVENT  FOR  THE  PURPOSE OF SUPPORTING THE ECONOMIC RECOVERY OF
SUCH BUSINESSES FROM THE FINANCIAL IMPACT OF SUCH WEATHER EVENT.
  3. AN APPLICATION FOR ASSISTANCE UNDER THIS SECTION SHALL BE SUBMITTED
IN SUCH FORM AND IN ACCORDANCE WITH SUCH PROCEDURES AS  THE  CORPORATION
SHALL ESTABLISH.
  4.  THE  CORPORATION  SHALL  DEVELOP CRITERIA TO BE USED IN EVALUATING
GRANT APPLICATIONS. SUCH CRITERIA SHALL INCLUDE, BUT NOT BE LIMITED TO:
  (A) THE EXTENT OF THE ECONOMIC IMPACT ON THE APPLICANT;
  (B) THE ABILITY OF THE APPLICANT TO LEVERAGE OTHER FUNDS;
  (C) FINANCIAL COMMITMENT AND VIABILITY OF THE APPLICANT; AND
  (D) THE LIKELIHOOD THAT THE ECONOMIC BENEFITS WILL BE MANIFEST  WITHIN
A SIX- TO TWELVE-MONTH PERIOD.
  S 3. This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2013.