Creates a tax credit for small businesses which suffer a financial loss due to state or local infrastructure projects; provides that to qualify for such credit the business shall have suffered a financial loss of at least twenty-five percent of their projected revenue for the taxable year as a direct result of such state or local infrastructure project.
STATE OF NEW YORK
________________________________________________________________________
1117
2019-2020 Regular Sessions
IN ASSEMBLY
January 14, 2019
___________
Introduced by M. of A. SIMOTAS, SCHIMMINGER, JAFFEE, COLTON, L. ROSEN-
THAL, M. G. MILLER, BARRON, GIGLIO, BYRNE, MOSLEY, BRABENEC,
SEAWRIGHT, GLICK, JEAN-PIERRE, DAVILA -- Multi-Sponsored by -- M. of
A. ABBATE, SIMON -- read once and referred to the Committee on Ways
and Means
AN ACT to amend the tax law, in relation to tax credit for small busi-
nesses which suffer financial losses due to state or local infrastruc-
ture projects
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 606 of the tax law is amended by adding a new
2 subsection (jjj) to read as follows:
3 (jjj) Credit for small businesses affected by infrastructure projects.
4 (1) For taxable years commencing on and after January first, two thou-
5 sand twenty, any business which is independently owned and operated and
6 employs one hundred or fewer persons on a full-time basis within the
7 state which has been significantly impacted or dislocated by state or
8 local infrastructure projects including, but not limited to, metropol-
9 itan transportation authority projects, shall be allowed a credit
10 against the tax imposed by this article in an amount equal to one
11 hundred percent of the total loss the business has suffered that is
12 attributable to such infrastructure projects during such taxable year.
13 (2) In order to qualify for the credit provided in this subsection the
14 business described in paragraph one of this subsection shall have
15 suffered a financial loss of at least twenty-five percent of their
16 projected revenue for such taxable year as a direct result of such state
17 or local infrastructure project.
18 § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
19 of the tax law is amended by adding a new clause (xliv) to read as
20 follows:
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD01530-01-9
A. 1117 2
1 (xliv) Credit for small businessesAmount of credit under
2 affected by infrastructuresubdivision fifty-three of
3 projects under subsection (jjj)section two hundred ten-B
4 § 3. Section 210-B of the tax law is amended by adding a new subdivi-
5 sion 53 to read as follows:
6 (53) Credit for small businesses affected by infrastructure projects.
7 (a) For taxable years commencing on and after January first, two thou-
8 sand twenty, any business which is independently owned and operated and
9 employs one hundred or fewer persons on a full-time basis within the
10 state which has been significantly impacted or dislocated by state or
11 local infrastructure projects including, but not limited to, metropol-
12 itan transportation authority projects, shall be allowed a credit
13 against the tax imposed by this article in an amount equal to one
14 hundred percent of the total loss the business has suffered that is
15 attributable to such infrastructure projects during such taxable year.
16 (b) In order to qualify for the credit provided in this subdivision
17 the business described in paragraph (a) of this subdivision shall have
18 suffered a financial loss of at least twenty-five percent of their
19 projected revenue for such taxable year as a direct result of such state
20 or local infrastructure project.
21 § 4. This act shall take effect immediately.