S T A T E   O F   N E W   Y O R K
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                                  8047

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              May 27, 2011
                               ___________

Introduced by M. of A. THIELE, SALADINO, MURRAY -- Multi-Sponsored by --
  M. of A. 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 36 to read
as follows:
  S 36. 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.
                                                           LBD11665-01-1
              

A. 8047                             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  ELEVEN,  THAT  ACCREDIT  TO THE TAXPAYER'S CREDIT
ALLOWANCE 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, 2012.