S T A T E O F N E W Y O R K
________________________________________________________________________
6047
2013-2014 Regular Sessions
I N A S S E M B L Y
March 13, 2013
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Introduced by M. of A. THIELE, SALADINO -- Multi-Sponsored by -- M. of
A. FITZPATRICK, McDONOUGH, RAIA -- read once and referred to the
Committee on Ways and Means
AN ACT to amend the tax law, in relation to credit for commercial fish-
ing equipment
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The tax law is amended by adding a new section 38 to read
as follows:
S 38. CREDIT FOR COMMERCIAL FISHING EQUIPMENT. (A) GENERAL. A COMMER-
CIAL FISHERMAN AS DEFINED BY SUBDIVISION (I) OF SECTION THREE HUNDRED OF
THIS CHAPTER SHALL BE ALLOWED A CREDIT AGAINST PERSONAL INCOME TAX. THE
CREDIT SHALL BE ALLOWED FOR QUALIFIED EXPENDITURES WHICH MEET THE ELIGI-
BILITY CRITERIA, IF ANY, PRESCRIBED BY THE DEPARTMENT, IN CONSULTATION
WITH THE DEPARTMENT OF ENVIRONMENTAL CONSERVATION, DISBURSED IN THIS
STATE.
(B) DEFINITIONS. (1) THE TERM "COMMERCIAL FISHING EQUIPMENT" SHALL
REFER TO THE EQUIPMENT USED TO CATCH LARGE QUANTITIES OF FISH, INCLUD-
ING:
(I) HOOKS, HARPOONS, AND GAFFS, ELECTRONIC LURES, LEAD WEIGHTS, BOTTOM
REELS, NETS AND MONOFILAMENT.
(II) TRAPS, TRAP AND POT HAULERS, BLOCKS AND ROLLERS, CRAB AND SHRIMP
GEAR, AND DAVITS.
(III) ANY ADDITIONAL EQUIPMENT AS DETERMINED BY THE DEPARTMENT, IN
CONSULTATION WITH THE DEPARTMENT OF ENVIRONMENTAL CONSERVATION.
(2) THE TERM "TAXABLE YEAR" MEANS THE TAXABLE YEAR OF A BUSINESS
TAXPAYER FILING A NEW YORK STATE TAX RETURN.
(3) QUALIFIED EXPENDITURES SHALL BE REMITTED COSTS FOR EQUIPMENT
DIRECTLY RELATED TO COMMERCIAL FISHING OR INSTALLATION OF SUCH EQUIPMENT
INTENDED FOR THE ORIGINAL USE OF SAID TAXPAYER, ON A VESSEL REGISTERED
IN NEW YORK STATE. SUCH QUALIFIED EXPENDITURES SHALL NOT INCLUDE INTER-
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09257-01-3
A. 6047 2
EST OR OTHER FINANCE CHARGES WHETHER SUCH CHARGES ACCRUE AS A RESULT OF
LEASE OR OWNERSHIP OF SUCH EQUIPMENT. FOR PURPOSES OF DETERMINING THE
EXPENSES SERVING AS QUALIFIED EXPENDITURES UNDER THIS SECTION, ANY
AMOUNT OF FEDERAL, STATE OR LOCAL GRANT RECEIVED BY THE TAXPAYER USED
FOR THE PURCHASE AND/OR INSTALLATION OF SUCH EQUIPMENT AND WHICH IS NOT
INCLUDED IN THE FEDERAL GROSS INCOME OF THE TAXPAYER SHALL NOT SERVE AS
A QUALIFYING EXPENDITURE.
(4) CREDIT FOR COMMERCIAL FISHING EQUIPMENT. THE AMOUNT OF CREDIT FOR
THE PURCHASE AND INSTALLATION OF ELIGIBLE COMMERCIAL FISHING EQUIPMENT
SHALL BE FIFTY PERCENT OF THE QUALIFIED EXPENSES FOR COMMERCIAL FISHER-
MEN, INCURRED IN PURCHASING AND INSTALLING ANY SUCH SYSTEM.
(C) CREDIT QUALIFICATION. REALIZATION OF CREDIT. CREDITS EARNED UNDER
THIS SECTION SHALL BE QUALIFYING EXPENDITURES INCURRED AFTER JANUARY
FIRST, TWO THOUSAND THIRTEEN, THAT ACCREDIT TO THE TAXPAYER'S CREDIT
ALLOWANCE YEAR AND EACH SUBSEQUENT TAXABLE YEAR.
S 2. This act shall take effect immediately and shall apply to taxable
years commencing on and after January 1, 2014.