Assembly Bill A10003

2017-2018 Legislative Session

Creates a tax credit for small businesses which suffer a financial loss due to state or local infrastructure projects

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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

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2017-A10003 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§606 & 210-B, Tax L
Versions Introduced in 2019-2020 Legislative Session:
A1117

2017-A10003 (ACTIVE) - Summary

Creates a tax credit for small businesses which suffer a financial loss due to state or local infrastructure projects; provides that to qualify for such credit the business shall have suffered a financial loss of at least twenty-five percent of their projected revenue for the taxable year as a direct result of such state or local infrastructure project.

2017-A10003 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10003
 
                           I N  A S S E M B L Y
 
                               March 7, 2018
                                ___________
 
 Introduced  by M. of A. SIMOTAS -- read once and referred to the Commit-
   tee on Ways and Means
 
 AN ACT to amend the tax law, in relation to tax credit for  small  busi-
   nesses which suffer financial losses due to state or local infrastruc-
   ture projects
 
   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) CREDIT FOR SMALL BUSINESSES AFFECTED BY INFRASTRUCTURE PROJECTS.
 (1)  FOR  TAXABLE YEARS COMMENCING ON AND AFTER JANUARY FIRST, TWO THOU-
 SAND EIGHTEEN, ANY BUSINESS WHICH IS INDEPENDENTLY  OWNED  AND  OPERATED
 AND EMPLOYS ONE HUNDRED OR FEWER PERSONS ON A FULL-TIME BASIS WITHIN THE
 STATE  WHICH  HAS  BEEN SIGNIFICANTLY IMPACTED OR DISLOCATED BY STATE OR
 LOCAL INFRASTRUCTURE PROJECTS INCLUDING, BUT NOT LIMITED  TO,  METROPOL-
 ITAN  TRANSPORTATION  AUTHORITY  PROJECTS,  SHALL  BE  ALLOWED  A CREDIT
 AGAINST THE TAX IMPOSED BY THIS  ARTICLE  IN  AN  AMOUNT  EQUAL  TO  ONE
 HUNDRED  PERCENT  OF  THE  TOTAL  LOSS THE BUSINESS HAS SUFFERED THAT IS
 ATTRIBUTABLE TO SUCH INFRASTRUCTURE PROJECTS DURING SUCH TAXABLE YEAR.
   (2) IN ORDER TO QUALIFY FOR THE CREDIT PROVIDED IN THIS SUBSECTION THE
 BUSINESS DESCRIBED IN  PARAGRAPH  ONE  OF  THIS  SUBSECTION  SHALL  HAVE
 SUFFERED  A  FINANCIAL  LOSS  OF  AT  LEAST TWENTY-FIVE PERCENT OF THEIR
 PROJECTED REVENUE FOR SUCH TAXABLE YEAR AS A DIRECT RESULT OF SUCH STATE
 OR LOCAL INFRASTRUCTURE PROJECT.
   § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
 of  the  tax  law  is  amended  by adding a new clause (xliv) to read as
 follows:
 (XLIV) CREDIT FOR SMALL BUSINESSES   AMOUNT OF CREDIT UNDER
 AFFECTED BY INFRASTRUCTURE           SUBDIVISION FIFTY-THREE OF
 PROJECTS UNDER SUBSECTION (CCC)      SECTION TWO HUNDRED TEN-B
   § 3. Section 210-B of the tax law is amended by adding a new  subdivi-
 sion 53 to read as follows:
   (53)  CREDIT FOR SMALL BUSINESSES AFFECTED BY INFRASTRUCTURE PROJECTS.
 (A) FOR TAXABLE YEARS COMMENCING ON AND AFTER JANUARY FIRST,  TWO  THOU-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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