New York A 3306: Relates to creating a tax credit for small businesses which are required to have and maintain marine bulkheads

Bill Text

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A03306 Summary:

BILL NOA03306 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORPheffer Amato

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §§606 & 210-B, Tax L

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Creates a tax credit for small businesses which are required to have and maintain marine bulkheads for the full cost of such maintenance during the taxable year.

Go to top A03306 Actions:

BILL NOA03306 

&nbsp

01/27/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA03306 Committee&nbspVotes:

Go to topA03306 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA03306 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3306

 2025-2026 Regular Sessions

 IN ASSEMBLY

 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:

 1 Section 1. Section 606 of the tax law is amended by adding a new
 2 subsection (bbb) to read as follows:
 3 (bbb) Credit for small businesses required to maintain marine bulk-
 4 heads. (1) For taxable years commencing on and after January first, two
 5 thousand twenty-five, any business which is independently owned and
 6 operated and employs one hundred or fewer persons on a full-time basis
 7 within the state which is required to have marine bulkheads, shall be
 8 allowed a credit against the tax imposed by this article in an amount
 9 equal to one hundred percent of the total cost attributable to the main-
 10 tenance of such bulkheads during the taxable year.
 11 (2) In order to qualify for the credit provided in this subsection the
 12 business described in paragraph one of this subsection shall be required
 13 to have and maintain marine bulkheads and shall submit documentation to
 14 the commissioner to substantiate such requirement.
 15 (3) The commissioner shall promulgate rules and regulations to estab-
 16 lish procedures for the allocation of tax credits pursuant to this
 17 subsection. Such rules and regulations shall include provisions describ-
 18 ing the documentation required to be provided by a taxpayer to substan-
 19 tiate the amount of tax credits allocated to such taxpayer, the stand-
 20 ards which shall be used to evaluate such documentation and such other
 21 provisions as deemed necessary and appropriate.
 22 § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
 23 of the tax law is amended by adding a new clause (lii) to read as
 24 follows:

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06791-01-5

 A. 3306 2

 1 (lii) Credit for small businesses Amount of credit under
 2 required to maintain marine subdivision sixty-one of
 3 bulkheads under subsection (bbb) section two hundred ten-B

 4 § 3. Section 210-B of the tax law is amended by adding a new subdivi-
 5 sion 61 to read as follows:
 6 61. Credit for small businesses required to maintain marine bulkheads.
 7 (a) For taxable years commencing on and after January first, two thou-
 8 sand twenty-five, any business which is independently owned and operated
 9 and employs one hundred or fewer persons on a full-time basis within the
 10 state which is required to have marine bulkheads, shall be allowed a
 11 credit against the tax imposed by this article in an amount equal to one
 12 hundred percent of the total cost attributable to the maintenance of
 13 such bulkheads during the taxable year.
 14 (b) In order to qualify for the credit provided in this subdivision
 15 the business described in paragraph (a) of this subdivision shall be
 16 required to have and maintain marine bulkheads and shall submit documen-
 17 tation to the commissioner to substantiate such requirement.
 18 (c) The commissioner shall promulgate rules and regulations to estab-
 19 lish procedures for the allocation of tax credits pursuant to this
 20 subdivision. Such rules and regulations shall include provisions
 21 describing the documentation required to be provided by a taxpayer to
 22 substantiate the am