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.
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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