•  Summary 
  •  
  •  Actions 
  •  
  •  Committee Votes 
  •  
  •  Floor Votes 
  •  
  •  Memo 
  •  
  •  Text 

A06968 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         6968--A
 
                               2015-2016 Regular Sessions
 
                   IN ASSEMBLY
 
                                     April 15, 2015
                                       ___________
 
        Introduced by M. of A. CUSICK -- read once and referred to the Committee
          on Ways and Means -- recommitted to the Committee on Ways and Means in
          accordance  with Assembly Rule 3, sec. 2 -- committee discharged, bill
          amended, ordered reprinted as amended and recommitted to said  commit-
          tee

        AN  ACT  to amend the tax law, in relation to providing a tax credit for
          businesses that purchase flood insurance; and providing for the repeal
          of such provisions upon expiration thereof
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Section  210-B  of the tax law is amended by adding a new
     2  subdivision 49 to read as follows:
     3    49. Tax credit for businesses which purchase flood insurance.   (a)  A
     4  qualified taxpayer shall be allowed an annual credit for the purchase of
     5  flood  insurance. The credit shall be equal to: (i) seventy-five percent
     6  of the cost of flood insurance for the  business  on  or  after  January
     7  first,  two  thousand seventeen; (ii) fifty percent of the cost of flood
     8  insurance for the business on or after January first, two thousand eigh-
     9  teen; and (iii) twenty-five percent of the cost of flood  insurance  for
    10  the business on or after January first, two thousand eighteen and before
    11  January first, two thousand nineteen.
    12    (b) In no event shall the credit under this subdivision reduce the tax
    13  payable  to  less than the dollar amount fixed as a minimum tax by para-
    14  graph (d) of subdivision one of section two hundred ten of this article.
    15  However, if the amount of credit allowed under this subdivision for  any
    16  taxable  year  would  have reduced the tax to such amount, any amount of
    17  credit thus not used in such taxable year may be treated as an  overpay-
    18  ment of tax to be credited or refunded in accordance with the provisions
    19  of section one thousand eighty-six of this chapter.
    20    (c)  For  purposes  of  this  subdivision,  "qualified taxpayer" shall
    21  include, but not be limited to businesses operating in or out of a resi-
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03106-03-6

        A. 6968--A                          2
 
     1  dence whose business is located within a heightened flood risk zone  and
     2  does not currently have flood insurance.
     3    §  2. Section 606 of the tax law is amended by adding a new subsection
     4  (s-1) to read as follows:
     5    (s-1) Credit for annual business purchase of flood insurance.   (1)  A
     6  qualified  taxpayer  shall  be  allowed  an annual credit as hereinafter
     7  provided against the tax imposed by this article  for  the  purchase  of
     8  flood  insurance.  The  amount  of the credit shall be: (i) seventy-five
     9  percent of the cost of flood insurance for  the  business  on  or  after
    10  January first, two thousand seventeen; (ii) fifty percent of the cost of
    11  flood insurance for the business on or after January first, two thousand
    12  eighteen;  and  (iii) twenty-five percent of the cost of flood insurance
    13  for the business on or after January first, two  thousand  eighteen  and
    14  before January first, two thousand nineteen.
    15    (2)  For  purposes  of  this  subsection,  "qualified  taxpayer" shall
    16  include, but not be limited to businesses operating in or out of a resi-
    17  dence whose business is located within a heightened flood risk zone  and
    18  does not currently have flood insurance.
    19    (3)  If  the  amount  of  credit allowable under this subsection shall
    20  exceed the taxpayer's tax for such year, the excess may be treated as an
    21  overpayment of tax to be credited or refunded  in  accordance  with  the
    22  provisions  of section six hundred eighty-six of this article, provided,
    23  however, that no interest shall be paid thereon.
    24    § 3. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
    25  of  the  tax  law  is  amended  by  adding a new clause (xli) to read as
    26  follows:
    27  (xli) Purchase of flood insurance    Amount of credit under
    28  by businesses under subsection (s-1) subdivision forty-nine of
    29                                       section two hundred ten-B
    30    § 4. The commissioner of taxation and finance  shall  prescribe  rules
    31  and  regulations  necessary  to  establish the criteria for a heightened
    32  flood risk zone and for the implementation of the tax credit  for  busi-
    33  nesses which purchase flood insurance provided by this act.
    34    §  5.  This  act  shall take effect on the sixtieth day after it shall
    35  have become a law and shall expire December 31,  2019,  when  upon  such
    36  date the provisions of this act shall be deemed repealed.
Go to top