S T A T E   O F   N E W   Y O R K
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                                  4247

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 29, 2015
                               ___________

Introduced  by  M. of A. SCARBOROUGH, JAFFEE, ENGLEBRIGHT, COOK, LAVINE,
  TITONE -- Multi-Sponsored by -- M. of A. BRENNAN, PERRY,  ROBINSON  --
  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 (ccc) to read as follows:
  (CCC) SMALL BUSINESS RECOVERY DONATION CREDIT. (1) ALLOWANCE OF  CRED-
IT.  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-X OF THE NEW YORK URBAN  DEVELOP-
MENT 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-x to read as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08068-01-5

              

A. 4247                             2

  S 16-X. SEVERE WEATHER BUSINESS  RECOVERY  FUND.  1.  THE  CORPORATION
SHALL  ESTABLISH  A  FUND  TO  BE  KNOWN AS THE "SEVERE WEATHER BUSINESS
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, 2015.