S T A T E   O F   N E W   Y O R K
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                                  4032

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            January 29, 2009
                               ___________

Introduced  by  M. of A. THIELE, SALADINO -- Multi-Sponsored by -- M. of
  A. ALFANO, BARRA, CONTE, FITZPATRICK, McDONOUGH, RAIA -- read once and
  referred to the Committee on Ways and Means

AN ACT to amend the tax law, in relation to credit for commercial  fish-
  ing equipment

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The tax law is amended by adding a new section 30  to  read
as follows:
  S  30. CREDIT FOR COMMERCIAL FISHING EQUIPMENT. (A) GENERAL. A COMMER-
CIAL FISHERMAN AS DEFINED BY SUBDIVISION (I) OF SECTION THREE HUNDRED OF
THIS CHAPTER SHALL BE ALLOWED A CREDIT AGAINST PERSONAL INCOME TAX.  THE
CREDIT SHALL BE ALLOWED FOR QUALIFIED EXPENDITURES WHICH MEET THE ELIGI-
BILITY CRITERIA, IF ANY, PRESCRIBED BY THE DEPARTMENT,  IN  CONSULTATION
WITH  THE  DEPARTMENT  OF  ENVIRONMENTAL CONSERVATION, DISBURSED IN THIS
STATE.
  (B) DEFINITIONS. (1) THE TERM  "COMMERCIAL  FISHING  EQUIPMENT"  SHALL
REFER  TO  THE EQUIPMENT USED TO CATCH LARGE QUANTITIES OF FISH, INCLUD-
ING:
  (I) HOOKS, HARPOONS, AND GAFFS, ELECTRONIC LURES, LEAD WEIGHTS, BOTTOM
REELS, NETS AND MONOFILAMENT.
  (II) TRAPS, TRAP AND POT HAULERS, BLOCKS AND ROLLERS, CRAB AND  SHRIMP
GEAR, AND DAVITS.
  (III)  ANY  ADDITIONAL  EQUIPMENT  AS DETERMINED BY THE DEPARTMENT, IN
CONSULTATION WITH THE DEPARTMENT OF ENVIRONMENTAL CONSERVATION.
  (2) THE TERM "TAXABLE YEAR" MEANS  THE  TAXABLE  YEAR  OF  A  BUSINESS
TAXPAYER FILING A NEW YORK STATE TAX.
  (3)  QUALIFIED  EXPENDITURES  SHALL  BE  REMITTED  COSTS FOR EQUIPMENT
DIRECTLY RELATED TO COMMERCIAL FISHING OR INSTALLATION OF SUCH EQUIPMENT
INTENDED FOR THE ORIGINAL USE OF SAID TAXPAYER, ON A  VESSEL  REGISTERED
IN  NEW YORK STATE. SUCH QUALIFIED EXPENDITURES SHALL NOT INCLUDE INTER-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04001-01-9
              

A. 4032                             2

EST OR OTHER FINANCE CHARGES WHETHER SUCH CHARGES ACCRUE AS A RESULT  OF
LEASE  OR  OWNERSHIP  OF SUCH EQUIPMENT. FOR PURPOSES OF DETERMINING THE
EXPENSES SERVING AS  QUALIFIED  EXPENDITURES  UNDER  THIS  SECTION,  ANY
AMOUNT  OF  FEDERAL,  STATE OR LOCAL GRANT RECEIVED BY THE TAXPAYER USED
FOR THE PURCHASE AND/OR INSTALLATION OF SUCH EQUIPMENT AND WHICH IS  NOT
INCLUDED  IN THE FEDERAL GROSS INCOME OF THE TAXPAYER SHALL NOT SERVE AS
A QUALIFYING EXPENDITURE.
  (4) CREDIT FOR COMMERCIAL FISHING EQUIPMENT. THE AMOUNT OF CREDIT  FOR
THE  PURCHASE  AND INSTALLATION OF ELIGIBLE COMMERCIAL FISHING EQUIPMENT
SHALL BE FIFTY PERCENT OF THE QUALIFIED EXPENSES FOR COMMERCIAL  FISHER-
MEN, INCURRED IN PURCHASING AND INSTALLING ANY SUCH SYSTEM.
  (C)  CREDIT QUALIFICATION. REALIZATION OF CREDIT. CREDITS EARNED UNDER
THIS SECTION SHALL BE QUALIFYING  EXPENDITURES  INCURRED  AFTER  JANUARY
FIRST,  TWO THOUSAND NINE, THAT ACCREDIT TO THE TAXPAYER'S CREDIT ALLOW-
ANCE YEAR AND EACH SUBSEQUENT TAXABLE YEAR.
  S 2. This act shall take effect immediately and shall apply to taxable
years commencing on and after January 1, 2010.