Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 18, 2010 |
referred to ways and means |
Assembly Bill A11129
2009-2010 Legislative Session
Sponsored By
TITUS
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
Ellen C. Jaffee
Alec Brook-Krasny
Michael Benedetto
David Koon
multi-Sponsors
Francine DelMonte
Aileen Gunther
Earlene Hooper
Janele Hyer-Spencer
2009-A11129 (ACTIVE) - Details
2009-A11129 (ACTIVE) - Sponsor Memo
BILL NUMBER:A11129 TITLE OF BILL: An act to amend the tax law, in relation to providing a tax credit to businesses for the purchase of electrical generators PURPOSE: To provide a tax credit for businesses and individuals who purchase an electric generator(s). SUMMARY OF PROVISIONS: Section 1 - Amends section 210 of the tax law by creating a new subdivision 38. This provides taxpayers with the allow- ance for a credit when, they have purchased an electric generator(s). The amount of credit will be equal to the amount expended in the previ- ous tax year for the purchase of one or more electrical generators; however, if the amount of credit allowed for any taxable year reduces the tax to such amount that is less than the higher of the amounts prescribed in paragraphs (c) and (d) of subdivision one of this section then this amount shall be treated as an overpayment of tax to be credit- ed-or refunded. Section 2 - Amends subparagraph (B) of paragraph 1 of subsection (i) of section 606 of the tax law. Establishes the legal basis of the tax cred- it for the purchase of,electrical generators. Section 3 - Amends section 606 of the tax law by adding a new subsection (jj). This provision allows for the taxpayer credit, which is equal to the amount expended in the previous tax year far the purchase of one or
2009-A11129 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 11129 I N A S S E M B L Y May 18, 2010 ___________ Introduced by M. of A. TITUS, JAFFEE, BROOK-KRASNY, BENEDETTO -- Multi- Sponsored by -- M. of A. DelMONTE, GUNTHER, HOOPER, HYER-SPENCER, MAYERSOHN, MILLMAN, PHEFFER, ROBINSON -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to providing a tax credit to businesses for the purchase of electrical generators THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 210 of the tax law is amended by adding a new subdivision 41 to read as follows: 41. CREDIT FOR THE PURCHASE OF ELECTRICAL GENERATORS. (A) ALLOWANCE AND AMOUNT OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS SUBDIVISION, AGAINST THE TAX IMPOSED BY THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO THE AMOUNT EXPENDED IN THE PREVIOUS TAX YEAR FOR THE PURCHASE OF ONE ELECTRICAL GENERATOR. (B) APPLICATION OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE HIGHER OF THE AMOUNTS PRESCRIBED IN PARAGRAPHS (C) AND (D) OF SUBDIVISION ONE OF THIS SECTION. HOWEVER, IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR REDUCES THE TAX TO SUCH AMOUNT, ANY AMOUNT OF CREDIT THUS NOT DEDUCTIBLE IN SUCH TAXABLE YEAR SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION TEN HUNDRED EIGHT- Y-SIX OF THIS CHAPTER. PROVIDED, HOWEVER, THE PROVISIONS OF SUBSECTION (C) OF SECTION TEN HUNDRED EIGHTY-EIGHT OF THIS CHAPTER NOTWITHSTANDING, NO INTEREST SHALL BE PAID THEREON. S 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 of the tax law is amended by adding a new clause (xxxi) to read as follows: (XXXI) CREDIT FOR THE AMOUNT OF CREDIT PURCHASE OF ELECTRICAL UNDER SUBDIVISION EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03522-02-0
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