S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1117
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 14, 2019
                                ___________
 
 Introduced  by  M. of A. SIMOTAS, SCHIMMINGER, JAFFEE, COLTON, L. ROSEN-
   THAL,  M. G. MILLER,  BARRON,   GIGLIO,   BYRNE,   MOSLEY,   BRABENEC,
   SEAWRIGHT,  GLICK,  JEAN-PIERRE, DAVILA -- Multi-Sponsored by -- M. of
   A. ABBATE, SIMON -- read once and referred to the  Committee  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 (jjj) to read as follows:
   (JJJ) CREDIT FOR SMALL BUSINESSES AFFECTED BY INFRASTRUCTURE PROJECTS.
 (1) FOR TAXABLE YEARS COMMENCING ON AND AFTER JANUARY FIRST,  TWO  THOU-
 SAND  TWENTY, 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:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01530-01-9
              

 A. 1117                             2
 
 (XLIV) CREDIT FOR SMALL BUSINESSES   AMOUNT OF CREDIT UNDER
 AFFECTED BY INFRASTRUCTURE           SUBDIVISION FIFTY-THREE OF
 PROJECTS UNDER SUBSECTION (JJJ)      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-
 SAND TWENTY, 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.
   (B)  IN  ORDER  TO QUALIFY FOR THE CREDIT PROVIDED IN THIS SUBDIVISION
 THE BUSINESS DESCRIBED IN PARAGRAPH (A) OF THIS SUBDIVISION  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.
   § 4. This act shall take effect immediately.