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
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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.