Assembly Bill A3306

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3306
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 27, 2025
                                ___________
 
 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 (bbb) to read as follows:
   (BBB) CREDIT FOR SMALL BUSINESSES REQUIRED TO  MAINTAIN  MARINE  BULK-
 HEADS.  (1) FOR TAXABLE YEARS COMMENCING ON AND AFTER JANUARY FIRST, TWO
 THOUSAND TWENTY-FIVE, 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 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 (lii) to read as
 follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06791-01-5
              

 A. 3306                             2
 
 (LII) CREDIT FOR SMALL BUSINESSES              AMOUNT OF CREDIT UNDER
 REQUIRED TO MAINTAIN MARINE                    SUBDIVISION SIXTY-ONE OF
 BULKHEADS UNDER SUBSECTION (BBB)               SECTION TWO HUNDRED TEN-B
 
   §  3. Section 210-B of the tax law is amended by adding a new subdivi-
 sion 61 to read as follows:
   61. CREDIT FOR SMALL BUSINESSES REQUIRED TO MAINTAIN MARINE BULKHEADS.
 (A) FOR TAXABLE YEARS COMMENCING ON AND AFTER JANUARY FIRST,  TWO  THOU-
 SAND TWENTY-FIVE, 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.