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

                                  6252

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                             March 10, 2011
                               ___________

Introduced by M. of A. MAISEL -- 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 emergency 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 43 to read as follows:
  43. CREDIT FOR THE PURCHASE OF EMERGENCY ELECTRICAL GENERATORS.    (A)
ALLOWANCE  AND  AMOUNT  OF CREDIT. A TAXPAYER ENGAGED IN THE BUSINESS OF
OFFERING FOR SALE PERISHABLE FOOD ITEMS 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 OR MORE  EMER-
GENCY  ELECTRICAL  GENERATORS  IMPLEMENTED  TO  PREVENT SPOILAGE OF FOOD
ITEMS.
  (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 ONE THOUSAND
EIGHTY-SIX  OF  THIS  CHAPTER.  PROVIDED,  HOWEVER,  THE  PROVISIONS  OF
SUBSECTION  (C)  OF  SECTION  ONE  THOUSAND 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 (xxxii) to read as
follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07979-01-1

              

A. 6252                             2

(XXXII) CREDIT FOR THE PURCHASE OF   AMOUNT OF CREDIT UNDER SUBDIVISION
EMERGENCY ELECTRICAL GENERATORS      FORTY-THREE OF SECTION TWO HUNDRED
UNDER SUBSECTION (SS)                TEN
  S  3. Section 606 of the tax law is amended by adding a new subsection
(ss) to read as follows:
  (SS) CREDIT FOR THE PURCHASE OF EMERGENCY ELECTRICAL GENERATORS.   (1)
ALLOWANCE  AND  AMOUNT  OF CREDIT. A TAXPAYER ENGAGED IN THE BUSINESS OF
OFFERING FOR SALE PERISHABLE FOOD ITEMS 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 OR MORE EMERGENCY ELEC-
TRICAL GENERATORS IMPLEMENTED TO PREVENT SPOILAGE OF FOOD ITEMS.
  (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 immediately.