S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6741
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 18, 2019
                                ___________
 
 Introduced  by  M.  of A. PHEFFER AMATO -- read once and referred to the
   Committee on Ways and Means
 
 AN ACT to amend the tax law, in relation to creating a  tax  credit  for
   small  businesses which are required to have and maintain marine bulk-
   heads
 
   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 REQUIRED TO  MAINTAIN  MARINE  BULK-
 HEADS.  (1) FOR TAXABLE YEARS COMMENCING ON AND AFTER JANUARY FIRST, TWO
 THOUSAND NINETEEN, ANY BUSINESS WHICH IS INDEPENDENTLY OWNED  AND  OPER-
 ATED AND EMPLOYS ONE HUNDRED OR FEWER PERSONS ON A FULL-TIME BASIS WITH-
 IN  THE  STATE  WHICH  IS  REQUIRED  TO  HAVE MARINE BULKHEADS, SHALL BE
 ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE  IN  AN  AMOUNT
 EQUAL TO ONE HUNDRED PERCENT OF THE TOTAL COST ATTRIBUTABLE TO THE MAIN-
 TENANCE OF SUCH BULKHEADS DURING THE TAXABLE YEAR.
   (2) IN ORDER TO QUALIFY FOR THE CREDIT PROVIDED IN THIS SUBSECTION THE
 BUSINESS DESCRIBED IN PARAGRAPH ONE OF THIS SUBSECTION SHALL BE REQUIRED
 TO  HAVE AND MAINTAIN MARINE BULKHEADS AND SHALL SUBMIT DOCUMENTATION TO
 THE COMMISSIONER TO SUBSTANTIATE SUCH REQUIREMENT.
   (3) THE COMMISSIONER SHALL PROMULGATE RULES AND REGULATIONS TO  ESTAB-
 LISH  PROCEDURES  FOR  THE  ALLOCATION  OF  TAX CREDITS PURSUANT TO THIS
 SUBSECTION. SUCH RULES AND REGULATIONS SHALL INCLUDE PROVISIONS DESCRIB-
 ING THE DOCUMENTATION REQUIRED TO BE PROVIDED BY A TAXPAYER TO  SUBSTAN-
 TIATE  THE  AMOUNT OF TAX CREDITS ALLOCATED TO SUCH TAXPAYER, THE STAND-
 ARDS WHICH SHALL BE USED TO EVALUATE SUCH DOCUMENTATION AND  SUCH  OTHER
 PROVISIONS AS DEEMED NECESSARY AND APPROPRIATE.
   §  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.
              

                                                            LBD08664-02-9

 A. 6741                             2
 
 (XLIV) CREDIT FOR SMALL BUSINESSES             AMOUNT OF CREDIT UNDER
 REQUIRED TO MAINTAIN MARINE                    SUBDIVISION FIFTY-THREE OF
 BULKHEADS 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 REQUIRED TO MAINTAIN MARINE BULKHEADS.
 (A) FOR TAXABLE YEARS COMMENCING ON AND AFTER JANUARY FIRST,  TWO  THOU-
 SAND  NINETEEN,  ANY  BUSINESS WHICH IS INDEPENDENTLY OWNED AND OPERATED
 AND EMPLOYS ONE HUNDRED OR FEWER PERSONS ON A FULL-TIME BASIS WITHIN THE
 STATE WHICH IS REQUIRED TO HAVE MARINE BULKHEADS,  SHALL  BE  ALLOWED  A
 CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE IN AN AMOUNT EQUAL TO ONE
 HUNDRED  PERCENT  OF  THE  TOTAL COST ATTRIBUTABLE TO THE MAINTENANCE OF
 SUCH BULKHEADS DURING THE TAXABLE YEAR.
   (B) IN ORDER TO QUALIFY FOR THE CREDIT PROVIDED  IN  THIS  SUBDIVISION
 THE  BUSINESS  DESCRIBED  IN  PARAGRAPH (A) OF THIS SUBDIVISION SHALL BE
 REQUIRED TO HAVE AND MAINTAIN MARINE BULKHEADS AND SHALL SUBMIT DOCUMEN-
 TATION TO THE COMMISSIONER TO SUBSTANTIATE SUCH REQUIREMENT.
   (C) THE COMMISSIONER SHALL PROMULGATE RULES AND REGULATIONS TO  ESTAB-
 LISH  PROCEDURES  FOR  THE  ALLOCATION  OF  TAX CREDITS PURSUANT TO THIS
 SUBDIVISION.  SUCH  RULES  AND  REGULATIONS  SHALL  INCLUDE   PROVISIONS
 DESCRIBING  THE  DOCUMENTATION  REQUIRED TO BE PROVIDED BY A TAXPAYER TO
 SUBSTANTIATE THE AMOUNT OF TAX CREDITS ALLOCATED TO SUCH  TAXPAYER,  THE
 STANDARDS  WHICH  SHALL  BE USED TO EVALUATE SUCH DOCUMENTATION AND SUCH
 OTHER PROVISIONS AS DEEMED NECESSARY AND APPROPRIATE.
   § 4. This act shall take effect immediately.