S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    952
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 14, 2019
                                ___________
 
 Introduced  by  M.  of  A. CROUCH, FINCH, GIGLIO, HAWLEY, KOLB -- Multi-
   Sponsored by -- M.   of A. BARCLAY, GUNTHER, RAIA  --  read  once  and
   referred to the Committee on Labor
 
 AN  ACT  to  amend the labor law and the tax law, in relation to a grant
   program and a tax credit for businesses that purchase flood insurance

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The labor law is amended by adding a new section 44 to read
 as follows:
   § 44. GRANT PROGRAM, DISASTER RELIEF. 1.  THERE SHALL BE ESTABLISHED A
 PROGRAM TO PROVIDE GRANTS TO BUSINESSES OPERATING IN AN AREA DECLARED BY
 THE GOVERNOR TO BE A STATE DISASTER EMERGENCY DECLARATION AREA.
   2.  THE COMMISSIONER SHALL DETERMINE THE AMOUNT OF EACH GRANT PROVIDED
 TO EACH QUALIFYING BUSINESS.  A QUALIFYING BUSINESS MAY  RECEIVE  UP  TO
 ONE  GRANT  PER  DECLARED  DISASTER. QUALIFYING BUSINESSES MAY APPLY FOR
 SUCH GRANT TO BE USED TO REPLACE OR  MITIGATE  LOSSES  AS  A  RESULT  OF
 DAMAGE  RESULTING FROM A DISASTER IN A STATE DISASTER EMERGENCY DECLARA-
 TION AREA.  SUCH LOSSES MAY INCLUDE REPAIR OR REPLACEMENT OF DAMAGED  OR
 DESTROYED  REAL  PROPERTY AND OTHER TANGIBLE ASSETS INCLUDING EQUIPMENT,
 FURNITURE AND FIXTURES, SUPPLIES AND INVENTORY; AND DEBRIS  REMOVAL  AND
 RELATED  CLEAN-UP  COSTS.  REIMBURSEMENT IS LIMITED TO ITEMS USED IN THE
 NORMAL COURSE OF BUSINESS OPERATIONS. COMPENSATION MAY NOT INCLUDE LOSS-
 ES COVERED BY INSURANCE, GRANTS OR OTHER GOVERNMENTAL SOURCES.
   3.  QUALIFYING BUSINESSES SHALL INCLUDE, BUT NOT BE LIMITED TO,  RESI-
 DENTIAL  FACILITIES, AGRICULTURAL BUSINESSES, FARM BUSINESSES, AND BUSI-
 NESSES OPERATING OUT OF A RESIDENCE. CASINOS AND OTHER GAMBLING  FACILI-
 TIES  SHALL NOT BE ELIGIBLE FOR SUCH GRANTS. IF A BUSINESS RECEIVES SUCH
 A GRANT, THEY ARE ONLY ELIGIBLE TO RECEIVE ADDITIONAL  STATE  GRANTS  IN
 THE  AMOUNT OF FIFTY THOUSAND DOLLARS OR LESS. ADDITIONALLY, THE COMMIS-
 SIONER IS AUTHORIZED TO PROMULGATE RULES AND  REGULATIONS  TO  DESIGNATE
 ADDITIONAL  QUALIFYING  BUSINESSES  AND  TO  CREATE A PROCESS BY WHICH A
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD02845-01-9

 A. 952                              2
 
 BUSINESS MAY BE EXEMPT FROM THE GRANT LIMITS IMPOSED  BY  THIS  SUBDIVI-
 SION.
   4.  SUCH GRANTS SHALL NOT EXCEED TWENTY THOUSAND DOLLARS IF SUCH BUSI-
 NESS HAS ONE HUNDRED EMPLOYEES OR LESS AND SHALL NOT EXCEED FIFTY  THOU-
 SAND DOLLARS IF SUCH INDIVIDUAL AND/OR BUSINESS IS ENGAGED IN FARMING OR
 IF SUCH BUSINESS HAS MORE THAN ONE HUNDRED EMPLOYEES.
   5.  THE  COMMISSIONER  IS AUTHORIZED TO PROMULGATE ALL RULES AND REGU-
 LATIONS NECESSARY TO IMPLEMENT SUCH GRANT PROGRAM.
   § 2. Section 210-B of the tax law is amended by adding a new  subdivi-
 sion 53 to read as follows:
   53.  TAX  CREDIT FOR BUSINESSES WHICH PURCHASE FLOOD INSURANCE.  (A) A
 QUALIFIED TAXPAYER SHALL BE ALLOWED A ONE TIME CREDIT FOR  THE  PURCHASE
 OF  FLOOD INSURANCE.   THE CREDIT SHALL BE EQUAL TO SEVENTY-FIVE PERCENT
 OF THE COST OF FLOOD INSURANCE FOR THE BUSINESS.
   (B) IN NO EVENT SHALL THE CREDIT UNDER THIS SUBDIVISION REDUCE THE TAX
 PAYABLE TO LESS THAN THE DOLLAR AMOUNT FIXED AS A MINIMUM TAX  BY  PARA-
 GRAPH (D) OF SUBDIVISION ONE OF SECTION TWO HUNDRED TEN OF THIS ARTICLE.
 HOWEVER,  IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY
 TAXABLE YEAR WOULD HAVE REDUCED THE TAX TO SUCH AMOUNT,  ANY  AMOUNT  OF
 CREDIT  THUS NOT USED IN SUCH TAXABLE YEAR MAY BE TREATED AS AN OVERPAY-
 MENT OF TAX TO BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS
 OF SECTION ONE THOUSAND EIGHTY-SIX OF THIS CHAPTER.
   (C) FOR PURPOSES OF THIS SUBDIVISION, "QUALIFIED TAXPAYER" SHALL  MEAN
 A  TAXPAYER  UNDER THIS ARTICLE WHOSE BUSINESS IS LOCATED WITHIN A STATE
 DISASTER EMERGENCY DECLARATION AREA, WHICH HAS BEEN AFFECTED  BY  FLOOD-
 ING, AND WHO CLAIMS THEIR PROPERTY AS DEPRECIABLE.
   §  3. Section 606 of the tax law is amended by adding a new subsection
 (s-1) to read as follows:
   (S-1) CREDIT FOR BUSINESS PURCHASE OF FLOOD INSURANCE. (1) A QUALIFIED
 TAXPAYER SHALL BE ALLOWED A ONE TIME  CREDIT  AS  HEREINAFTER  PROVIDED,
 AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR THE PURCHASE OF FLOOD INSUR-
 ANCE.  THE AMOUNT OF CREDIT SHALL BE SEVENTY-FIVE PERCENT OF THE COST TO
 THE TAXPAYER OF THE PURCHASE OF FLOOD INSURANCE FOR THE BUSINESS.
   (2) FOR PURPOSES OF THIS SUBSECTION, "QUALIFIED TAXPAYER" SHALL MEAN A
 TAXPAYER UNDER THIS ARTICLE WHOSE BUSINESS IS  LOCATED  WITHIN  A  STATE
 DISASTER  EMERGENCY  DECLARATION AREA, WHICH HAS BEEN AFFECTED BY FLOOD-
 ING, AND WHO CLAIMS THEIR PROPERTY AS DEPRECIABLE.
   (3) IF THE AMOUNT OF CREDIT  ALLOWABLE  UNDER  THIS  SUBSECTION  SHALL
 EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS MAY BE TREATED AS AN
 OVERPAYMENT  OF  TAX  TO  BE CREDITED 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. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
 of the tax law is amended by adding a new  clause  (xliii)  to  read  as
 follows:
 
 (XLIII) PURCHASE OF FLOOD INSURANCE  AMOUNT OF CREDIT UNDER
 BY BUSINESSES UNDER SUBSECTION       SUBDIVISION FIFTY-THREE OF
 (S-1)                                SECTION TWO HUNDRED TEN-B
   § 5. This act shall take effect on the one hundred eightieth day after
 it shall have become a law.