S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2863
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 27, 2023
                                ___________
 
 Introduced  by  M.  of A. PHEFFER AMATO -- read once and referred to the
   Committee on Ways and Means
 
 AN ACT to amend the tax law, in relation to creating a  tax  credit  for
   small  businesses which are required to have and maintain marine bulk-
   heads
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  606  of  the  tax law is amended by adding a new
 subsection (ooo) to read as follows:
   (OOO) CREDIT FOR SMALL BUSINESSES REQUIRED TO  MAINTAIN  MARINE  BULK-
 HEADS.  (1) FOR TAXABLE YEARS COMMENCING ON AND AFTER JANUARY FIRST, TWO
 THOUSAND TWENTY-THREE, ANY BUSINESS WHICH  IS  INDEPENDENTLY  OWNED  AND
 OPERATED  AND  EMPLOYS ONE HUNDRED OR FEWER PERSONS ON A FULL-TIME BASIS
 WITHIN THE STATE WHICH IS REQUIRED TO HAVE MARINE  BULKHEADS,  SHALL  BE
 ALLOWED  A  CREDIT  AGAINST THE TAX IMPOSED BY THIS ARTICLE IN AN AMOUNT
 EQUAL TO ONE HUNDRED PERCENT OF THE TOTAL COST ATTRIBUTABLE TO THE MAIN-
 TENANCE OF SUCH BULKHEADS DURING THE TAXABLE YEAR.
   (2) IN ORDER TO QUALIFY FOR THE CREDIT PROVIDED IN THIS SUBSECTION THE
 BUSINESS DESCRIBED IN PARAGRAPH ONE OF THIS SUBSECTION SHALL BE REQUIRED
 TO HAVE AND MAINTAIN MARINE BULKHEADS AND SHALL SUBMIT DOCUMENTATION  TO
 THE COMMISSIONER TO SUBSTANTIATE SUCH REQUIREMENT.
   (3)  THE COMMISSIONER SHALL PROMULGATE RULES AND REGULATIONS TO ESTAB-
 LISH PROCEDURES FOR THE ALLOCATION  OF  TAX  CREDITS  PURSUANT  TO  THIS
 SUBSECTION. SUCH RULES AND REGULATIONS SHALL INCLUDE PROVISIONS DESCRIB-
 ING  THE DOCUMENTATION REQUIRED TO BE PROVIDED BY A TAXPAYER TO SUBSTAN-
 TIATE THE AMOUNT OF TAX CREDITS ALLOCATED TO SUCH TAXPAYER,  THE  STAND-
 ARDS  WHICH  SHALL BE USED TO EVALUATE SUCH DOCUMENTATION AND SUCH OTHER
 PROVISIONS AS DEEMED NECESSARY AND APPROPRIATE.
   § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
 of the tax law is amended by adding a new clause (l) to read as follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06368-01-3
 A. 2863                             2
              

 
 (L) CREDIT FOR SMALL BUSINESSES                AMOUNT OF CREDIT UNDER
 REQUIRED TO MAINTAIN MARINE                    SUBDIVISION FIFTY-NINE OF
 BULKHEADS UNDER SUBSECTION (OOO)               SECTION TWO HUNDRED TEN-B
 
   §  3. Section 210-B of the tax law is amended by adding a new subdivi-
 sion 59 to read as follows:
   59. CREDIT FOR SMALL BUSINESSES REQUIRED TO MAINTAIN MARINE BULKHEADS.
 (A) FOR TAXABLE YEARS COMMENCING ON AND AFTER JANUARY FIRST,  TWO  THOU-
 SAND  TWENTY-THREE,  ANY BUSINESS WHICH IS INDEPENDENTLY OWNED AND OPER-
 ATED AND EMPLOYS ONE HUNDRED OR FEWER PERSONS ON A FULL-TIME BASIS WITH-
 IN THE STATE WHICH IS  REQUIRED  TO  HAVE  MARINE  BULKHEADS,  SHALL  BE
 ALLOWED  A  CREDIT  AGAINST THE TAX IMPOSED BY THIS ARTICLE IN AN AMOUNT
 EQUAL TO ONE HUNDRED PERCENT OF THE TOTAL COST ATTRIBUTABLE TO THE MAIN-
 TENANCE OF SUCH BULKHEADS DURING THE TAXABLE YEAR.
   (B) IN ORDER TO QUALIFY FOR THE CREDIT PROVIDED  IN  THIS  SUBDIVISION
 THE  BUSINESS  DESCRIBED  IN  PARAGRAPH (A) OF THIS SUBDIVISION SHALL BE
 REQUIRED TO HAVE AND MAINTAIN MARINE BULKHEADS AND SHALL SUBMIT DOCUMEN-
 TATION TO THE COMMISSIONER TO SUBSTANTIATE SUCH REQUIREMENT.
   (C) THE COMMISSIONER SHALL PROMULGATE RULES AND REGULATIONS TO  ESTAB-
 LISH  PROCEDURES  FOR  THE  ALLOCATION  OF  TAX CREDITS PURSUANT TO THIS
 SUBDIVISION.  SUCH  RULES  AND  REGULATIONS  SHALL  INCLUDE   PROVISIONS
 DESCRIBING  THE  DOCUMENTATION  REQUIRED TO BE PROVIDED BY A TAXPAYER TO
 SUBSTANTIATE THE AMOUNT OF TAX CREDITS ALLOCATED TO SUCH  TAXPAYER,  THE
 STANDARDS  WHICH  SHALL  BE USED TO EVALUATE SUCH DOCUMENTATION AND SUCH
 OTHER PROVISIONS AS DEEMED NECESSARY AND APPROPRIATE.
   § 4. This act shall take effect immediately.