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
              

A. 11129                            2

GENERATORS UNDER                     FORTY-ONE OF SECTION
SUBSECTION (QQ)                      TWO HUNDRED TEN

  S  3. Section 606 of the tax law is amended by adding a new subsection
(qq) to read as follows:
  (QQ) CREDIT FOR THE PURCHASE OF ELECTRICAL GENERATORS.  (1)  ALLOWANCE
AND  AMOUNT  OF  CREDIT.  A  TAXPAYER  SHALL  BE ALLOWED A CREDIT, TO BE
COMPUTED AS PROVIDED IN THIS SUBSECTION, 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.
  (2)  APPLICATION OF CREDIT. IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS
SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH
YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDIT-
ED 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.
  S  4. This act shall take effect on the first of January next succeed-
ing the date on which it shall have become a  law  and  shall  apply  to
taxable years commencing on and after such date.