S03503 Summary:

BILL NOS03503A
 
SAME ASSAME AS A05385-A
 
SPONSORVOLKER
 
COSPNSR
 
MLTSPNSR
 
Amd SS210 & 606, Tax L
 
Relates to providing a tax credit to businesses for the purchase of emergency electrical generators.
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S03503 Actions:

BILL NOS03503A
 
03/20/2009REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
01/06/2010REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
01/28/2010AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
01/28/2010PRINT NUMBER 3503A
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S03503 Floor Votes:

There are no votes for this bill in this legislative session.
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S03503 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         3503--A
 
                               2009-2010 Regular Sessions
 
                    IN SENATE
 
                                     March 20, 2009
                                       ___________
 
        Introduced  by  Sen.  VOLKER -- read twice and ordered printed, and when
          printed to be committed to the Committee on Investigations and Govern-
          ment Operations -- recommitted to the Committee on Investigations  and
          Government  Operations  in  accordance  with  Senate Rule 6, sec. 8 --
          committee discharged, bill amended, ordered reprinted as  amended  and

          recommitted to said committee
 
        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:
 
     1    Section  1.  Section  210  of  the  tax law is amended by adding a new
     2  subdivision 41 to read as follows:
     3    41. Credit for the purchase of emergency electrical generators.    (a)
     4  Allowance  and  amount  of credit. A taxpayer engaged in the business of
     5  offering for sale perishable food items shall be allowed a credit, to be
     6  computed as provided in this subdivision, against  the  tax  imposed  by
     7  this  article.  The  amount  of  the credit shall be equal to the amount

     8  expended in the previous tax year for the purchase of one or more  emer-
     9  gency  electrical  generators  implemented  to  prevent spoilage of food
    10  items.
    11    (b) Application of credit. The credit allowed under  this  subdivision
    12  for  any taxable year shall not reduce the tax due for such year to less
    13  than the higher of the amounts prescribed in paragraphs (c) and  (d)  of
    14  subdivision  one  of  this  section.  However,  if  the amount of credit
    15  allowed under this subdivision for any taxable year reduces the  tax  to
    16  such  amount,  any  amount of credit thus not deductible in such taxable
    17  year shall be treated as  an  overpayment  of  tax  to  be  credited  or
    18  refunded  in  accordance  with  the  provisions  of section one thousand

    19  eighty-six  of  this  chapter.  Provided,  however,  the  provisions  of
    20  subsection  (c)  of  section  one  thousand eighty-eight of this chapter
    21  notwithstanding, no interest shall be paid thereon.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07224-02-0

        S. 3503--A                          2
 
     1    § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
     2  of  the  tax  law  is  amended  by adding a new clause (xxxi) to read as
     3  follows:
     4  (xxxi) Credit for the purchase of    Amount of credit under subdivision

     5  emergency electrical generators      forty-one of section two hundred
     6  under subsection (qq)                ten
     7    §  3. Section 606 of the tax law is amended by adding a new subsection
     8  (qq) to read as follows:
     9    (qq) Credit for the purchase of emergency electrical generators.   (1)
    10  Allowance  and  amount  of credit. A taxpayer engaged in the business of
    11  offering for sale perishable food items shall be allowed a credit, to be
    12  computed as provided in this subsection, against the tax imposed by this
    13  article. The amount of the credit shall be equal to the amount  expended
    14  in the previous tax year for the purchase of one or more emergency elec-
    15  trical generators implemented to prevent spoilage of food items.

    16    (2)  Application of credit. If the amount of credit allowed under this
    17  subsection for any taxable year shall exceed the taxpayer's tax for such
    18  year, the excess shall be treated as an overpayment of tax to be credit-
    19  ed or refunded in accordance with the provisions of section six  hundred
    20  eighty-six of this article, provided, however, that no interest shall be
    21  paid thereon.
    22    § 4.  This act shall take effect immediately.
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