S T A T E O F N E W Y O R K
________________________________________________________________________
6098
2019-2020 Regular Sessions
I N A S S E M B L Y
February 28, 2019
___________
Introduced by M. of A. TITUS, JAFFEE, BENEDETTO -- Multi-Sponsored by --
M. of A. GUNTHER -- 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 to
businesses for the purchase of electrical generators
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 53 to read as follows:
53. CREDIT FOR THE PURCHASE OF ELECTRICAL GENERATORS. (A) ALLOWANCE
AND AMOUNT OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE
COMPUTED AS PROVIDED IN THIS SUBDIVISION, AGAINST THE TAX IMPOSED BY
THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO THE AMOUNT
EXPENDED IN THE PREVIOUS TAX YEAR FOR THE PURCHASE OF ONE ELECTRICAL
GENERATOR.
(B) APPLICATION OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBDIVISION
FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS
THAN THE HIGHER OF THE AMOUNTS PRESCRIBED IN PARAGRAPHS (C) AND (D) OF
SUBDIVISION ONE OF THIS SECTION. HOWEVER, IF THE AMOUNT OF CREDIT
ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR REDUCES THE TAX TO
SUCH AMOUNT, ANY AMOUNT OF CREDIT THUS NOT DEDUCTIBLE IN SUCH TAXABLE
YEAR SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR
REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION TEN HUNDRED EIGHT-
Y-SIX OF THIS CHAPTER. PROVIDED, HOWEVER, THE PROVISIONS OF SUBSECTION
(C) OF SECTION TEN HUNDRED EIGHTY-EIGHT OF THIS CHAPTER NOTWITHSTANDING,
NO INTEREST SHALL BE PAID THEREON.
§ 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.
LBD07940-01-9
A. 6098 2
(XLIV) CREDIT FOR THE AMOUNT OF CREDIT
PURCHASE OF ELECTRICAL UNDER SUBDIVISION
GENERATORS UNDER FIFTY-THREE OF SECTION
SUBSECTION (JJJ) TWO HUNDRED TEN-B
§ 3. Section 606 of the tax law is amended by adding a new subsection
(jjj) to read as follows:
(JJJ) CREDIT FOR THE PURCHASE OF ELECTRICAL GENERATORS. (1) ALLOWANCE
AND AMOUNT OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE
COMPUTED AS PROVIDED IN THIS SUBSECTION, AGAINST THE TAX IMPOSED BY THIS
ARTICLE. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO THE AMOUNT EXPENDED
IN THE PREVIOUS TAX YEAR FOR THE PURCHASE OF ONE ELECTRICAL GENERATOR.
(2) APPLICATION OF CREDIT. IF THE AMOUNT OF 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 CREDIT-
ED 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.
§ 4. This act shall take effect on the first of January next succeed-
ing the date on which it shall have become a law and shall apply to
taxable years commencing on and after such date.