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

                                  2380

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 16, 2015
                               ___________

Introduced  by  M.  of  A.  CROUCH, BUTLER, FINCH, GIGLIO, HAWLEY, KOLB,
  LOPEZ, SALADINO -- Multi-Sponsored by -- M. of  A.  BARCLAY,  GUNTHER,
  MAGEE,  RAIA, TEDISCO, TENNEY -- read once and referred to the Commit-
  tee 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.
                                                           LBD05123-01-5
              

A. 2380                             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-B of the tax law is amended by adding a new  subdivi-
sion 49 to read as follows:
  49.  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 SECTION TWO HUNDRED TEN OF THIS ARTICLE.
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 OVERPAY-
MENT 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  (xli)  to  read  as
follows:

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