Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 14, 2016 |
referred to ways and means delivered to assembly passed senate ordered to third reading cal.1676 committee discharged and committed to rules |
Jun 08, 2016 |
print number 3676a |
Jun 08, 2016 |
amend and recommit to finance |
Jan 21, 2016 |
reported and committed to finance |
Jan 06, 2016 |
referred to investigations and government operations returned to senate died in assembly |
May 28, 2015 |
referred to ways and means delivered to assembly passed senate |
May 27, 2015 |
ordered to third reading cal.993 committee discharged and committed to rules |
Feb 13, 2015 |
referred to investigations and government operations |
Senate Bill S3676A
2015-2016 Legislative Session
Sponsored By
(D, IP) Senate District
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
Bill Amendments
2015-S3676 - Details
2015-S3676 - Sponsor Memo
BILL NUMBER:S3676 TITLE OF BILL: An act to amend the tax law, in relation to providing a tax credit for businesses that purchase flood insurance; and providing for the repeal of such provisions upon expiration thereof PURPOSE OR GENERAL IDEA OF BILL: To provide state-sponsored incentives through tax credits for businesses that currently do not have flood insurance, but would like to purchase these insurance coverages. SUMMARY OF SPECIFIC PROVISIONS: Section 1: Amend Tax Law § 210-b to create a corporate franchise tax credit for affected businesses that purchase flood insurance. Provides that the credit shall be equal to: (i) seventy-five percent of the cost of flood insurance for the business on or after January 1, 2016; (ii) fifty percent of the cost of flood insurance for the business on or after January 1, 2017; and (iii) twenty-five percent of the cost of flood insurance for business on or after January 1, 2017 and before January 1, 2018. This annual tax credit will expire on December 31, 2018. Sections 2 and 3: Amend Tax Law § 606 to create a personal income tax credit for affected businesses that purchase flood insurance.
2015-S3676 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3676 2015-2016 Regular Sessions I N S E N A T E February 13, 2015 ___________ Introduced by Sen. SAVINO -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to providing a tax credit for businesses that purchase flood insurance; and providing for the repeal of such provisions upon expiration thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 210-B of the tax law is amended by adding a new subdivision 49 to read as follows: 49. TAX CREDIT FOR BUSINESSES WHICH PURCHASE FLOOD INSURANCE. (A) A QUALIFIED TAXPAYER SHALL BE ALLOWED AN ANNUAL CREDIT FOR THE PURCHASE OF FLOOD INSURANCE. THE CREDIT SHALL BE EQUAL TO: (I) SEVENTY-FIVE PERCENT OF THE COST OF FLOOD INSURANCE FOR THE BUSINESS ON OR AFTER JANUARY FIRST, TWO THOUSAND SIXTEEN; (II) FIFTY PERCENT OF THE COST OF FLOOD INSURANCE FOR THE BUSINESS ON OR AFTER JANUARY FIRST, TWO THOUSAND SEVENTEEN; AND (III) TWENTY-FIVE PERCENT OF THE COST OF FLOOD INSURANCE FOR THE BUSINESS ON OR AFTER JANUARY FIRST, TWO THOUSAND SEVENTEEN AND BEFORE JANUARY FIRST, TWO THOUSAND EIGHTEEN. (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 INCLUDE, BUT NOT BE LIMITED TO BUSINESSES OPERATING IN OR OUT OF A RESI- DENCE WHOSE BUSINESS IS LOCATED WITHIN A HEIGHTENED FLOOD RISK ZONE AND DOES NOT CURRENTLY HAVE FLOOD INSURANCE. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03106-01-5
co-Sponsors
(D) Senate District
(D) Senate District
2015-S3676A (ACTIVE) - Details
2015-S3676A (ACTIVE) - Sponsor Memo
BILL NUMBER: S3676A TITLE OF BILL : An act to amend the tax law, in relation to providing a tax credit for businesses that purchase flood insurance; and providing for the repeal of such provisions upon expiration thereof PURPOSE OR GENERAL IDEA OF BILL : To provide state-sponsored incentives through tax credits for businesses that currently do not have flood insurance, but would like to purchase these insurance coverages. SUMMARY OF SPECIFIC PROVISIONS : Section 1: Amend Tax Law § 210-b to create a corporate franchise tax credit for affected businesses that purchase flood insurance. Provides that the credit shall be equal to: (i) seventy-five percent of the cost of flood insurance for the business on or after January 1, 2017; (ii) fifty percent of the cost of flood insurance for the business on or after January 1, 2018; and (iii) twenty-five percent of the cost of flood insurance for business on or after January 1, 2018 and before January 1, 2019. This annual tax credit will expire on December 31, 2019.
2015-S3676A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3676--A 2015-2016 Regular Sessions I N S E N A T E February 13, 2015 ___________ Introduced by Sen. SAVINO -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations -- recommitted to the Committee on Investigations and Government Operations in accordance with Senate Rule 6, sec. 8 -- reported favorably from said committee and committed to the Committee on Finance -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to providing a tax credit for businesses that purchase flood insurance; and providing for the repeal of such provisions upon expiration thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 210-B of the tax law is amended by adding a new subdivision 49 to read as follows: 49. TAX CREDIT FOR BUSINESSES WHICH PURCHASE FLOOD INSURANCE. (A) A QUALIFIED TAXPAYER SHALL BE ALLOWED AN ANNUAL CREDIT FOR THE PURCHASE OF FLOOD INSURANCE. THE CREDIT SHALL BE EQUAL TO: (I) SEVENTY-FIVE PERCENT OF THE COST OF FLOOD INSURANCE FOR THE BUSINESS ON OR AFTER JANUARY FIRST, TWO THOUSAND SEVENTEEN; (II) FIFTY PERCENT OF THE COST OF FLOOD INSURANCE FOR THE BUSINESS ON OR AFTER JANUARY FIRST, TWO THOUSAND EIGH- TEEN; AND (III) TWENTY-FIVE PERCENT OF THE COST OF FLOOD INSURANCE FOR THE BUSINESS ON OR AFTER JANUARY FIRST, TWO THOUSAND EIGHTEEN AND BEFORE JANUARY FIRST, TWO THOUSAND NINETEEN. (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. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03106-02-6
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