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.