Relates to providing a tax credit for the purchase of an electrical generator; such credit shall be equal to the amount expended in the previous tax year for the purchase of a electrical generator.
STATE OF NEW YORK
________________________________________________________________________
3590
2009-2010 Regular Sessions
IN ASSEMBLY
January 27, 2009
___________
Introduced by M. of A. BRADLEY, JAFFEE, BROOK-KRASNY, BENEDETTO --
Multi-Sponsored by -- M. of A. DelMONTE, EDDINGTON, GUNTHER, HOOPER,
HYER-SPENCER, MAYERSOHN, MILLMAN, PHEFFER, ROBINSON -- read once and
referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to providing a tax credit to
businesses for the purchase of 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 electrical generators. (a) Allowance
4 and amount of credit. A taxpayer shall be allowed a credit, to be
5 computed as provided in this subdivision, against the tax imposed by
6 this article. The amount of the credit shall be equal to the amount
7 expended in the previous tax year for the purchase of one electrical
8 generator.
9 (b) Application of credit. The credit allowed under this subdivision
10 for any taxable year shall not reduce the tax due for such year to less
11 than the higher of the amounts prescribed in paragraphs (c) and (d) of
12 subdivision one of this section. However, if the amount of credit
13 allowed under this subdivision for any taxable year reduces the tax to
14 such amount, any amount of credit thus not deductible in such taxable
15 year shall be treated as an overpayment of tax to be credited or
16 refunded in accordance with the provisions of section ten hundred eight-
17 y-six of this chapter. Provided, however, the provisions of subsection
18 (c) of section ten hundred eighty-eight of this chapter notwithstanding,
19 no interest shall be paid thereon.
20 § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
21 of the tax law, as amended by section 2 of part ZZ-1 of chapter 57 of
22 the laws of 2008, is amended to read as follows:
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD03522-01-9
A. 3590 2
1 (B) shall be treated as the owner of a new business with respect to
2 such share if the corporation qualifies as a new business pursuant to
3 paragraph (j) of subdivision twelve of section two hundred ten of this
4 chapter.
5 The corporation's credit base under
6 section two hundred ten or section
7 With respect to the following fourteen hundred fifty-six of this
8 credit under this section: chapter is:
9 (i) Investment tax credit Investment credit base
10 under subsection (a) or qualified
11 rehabilitation
12 expenditures under
13 subdivision twelve of
14 section two hundred ten
15 (ii) Empire zone Cost or other basis
16 investment tax credit under subdivision
17 under subsection (j) twelve-B
18 of section two hundred
19 ten
20 (iii) Empire zone Eligible wages under
21 wage tax credit subdivision nineteen of
22 under subsection (k) section two hundred ten
23 or subsection (e) of
24 section fourteen hundred
25 fifty-six
26 (iv) Empire zone Qualified investments
27 capital tax credit and contributions under
28 under subsection (l) subdivision twenty of
29 section two hundred ten
30 or subsection (d) of
31 section fourteen hundred
32 fifty-six
33 (v) Agricultural property tax Allowable school
34 credit under subsection (n) district property taxes under
35 subdivision twenty-two of
36 section two hundred ten
37 (vi) Credit for employment Qualified first-year wages or
38 of persons with dis- qualified second-year wages
39 abilities under under subdivision
40 subsection (o) twenty-three of section
41 two hundred ten
42 or subsection (f)
43 of section fourteen
44 hundred fifty-six
45 (vii) Employment incentive Applicable investment credit
46 credit under subsec- base under subdivision
47 tion (a-1) twelve-D of section two
48 hundred ten
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1 (viii) Empire zone Applicable investment
2 employment credit under sub-
3 incentive credit under division twelve-C
4 subsection (j-1) of section two hundred ten
5 (ix) Alternative fuels credit Cost under subdivision
6 under subsection (p) twenty-four of section two
7 hundred ten
8 (x) Qualified emerging Applicable credit base
9 technology company under subdivision twelve-E
10 employment credit of section two hundred ten
11 under subsection (q)
12 (xi) Qualified emerging Qualified investments under
13 technology company subdivision twelve-F of
14 capital tax credit section two hundred ten
15 under subsection (r)
16 (xii) Credit for purchase of an Cost of an automated
17 automated external defibrillator external defibrillator under
18 under subsection (s) subdivision twenty-five of
19 section two hundred ten
20 or subsection (j) of section
21 fourteen hundred fifty-six
22 (xiii) Low-income housing Credit amount under
23 credit under subsection (x) subdivision thirty
24 of section two hundred ten or
25 subsection (l) of section
26 fourteen hundred fifty-six
27 (xiv) Credit for transportation Amount of credit under
28 improvement contributions subdivision thirty-two of section
29 under subsection (z) two hundred ten or subsection
30 (n) of section fourteen
31 hundred fifty-six
32 (xv) QEZE credit for real property Amount of credit under
33 taxes under subsection (bb) subdivision twenty-seven of
34 section two hundred ten or
35 subsection (o) of section
36 fourteen hundred fifty-six
37 (xvi) QEZE tax reduction credit Amount of benefit period
38 under subsection (cc) factor, employment increase factor
39 and zone allocation
40 factor (without regard
41 to pro ration) under
42 subdivision twenty-eight of
43 section two hundred ten or
44 subsection (p) of section
45 fourteen hundred fifty-six
46 and amount of tax factor
47 as determined under
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1 subdivision (f) of section sixteen
2 (xvii) Green building credit Amount of green building
3 under subsection (y) credit under subdivision thirty-one
4 of section two hundred ten
5 or subsection (m) of section
6 fourteen hundred fifty-six
7 (xviii) Credit for long-term Qualified costs under
8 care insurance premiums subdivision twenty-five-a of
9 under subsection (aa) section two hundred ten
10 or subsection (k) of section
11 fourteen hundred fifty-six
12 (xix) Brownfield redevelopment Amount of credit
13 credit under subsection under subdivision
14 (dd) thirty-three of section
15 two hundred ten
16 or subsection (q) of
17 section fourteen hundred
18 fifty-six
19 (xx) Remediated brownfield Amount of credit under
20 credit for real property subdivision thirty-four
21 taxes for qualified of section two hundred
22 sites under subsection ten or subsection (r) of
23 (ee) section fourteen hundred
24 fifty-six
25 (xxi) Environmental Amount of credit under
26 remediation subdivision thirty-five of
27 insurance credit under section two hundred
28 subsection (ff) ten or subsection
29 (s) of section
30 fourteen hundred
31 fifty-six
32 (xxii) Empire state film production Amount of credit for
33 credit under subsection (gg) qualified production costs in
34 production of a qualified film
35 under subdivision thirty-six
36 of section two hundred ten
37 (xxiii) Qualified emerging Qualifying expenditures and
38 technology company facilities, development activities under
39 operations and training credit subdivision twelve-G of section
40 under subsection (nn) two hundred ten
41 (xxiv) Security training tax Amount of credit
42 credit under under subdivision thirty-seven
43 subsection (ii) of section two hundred ten or
44 under subsection (t) of
45 section fourteen hundred fifty-six
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1 (xxv) Credit for qualified fuel Amount of credit under
2 cell electric generating equipment subdivision thirty-seven
3 expenditures under subsection (g-2) of section two hundred ten
4 or subsection (t) of
5 section fourteen hundred
6 fifty-six
7 (xxvi) Empire state commercial Amount of credit for
8 production credit under qualfied production costs in
9 subsection (jj) production of a qualified commercial
10 under subdivision thirty-eight of
11 section two hundred ten
12 (xxvii) Biofuel production Amount of credit
13 tax credit under under subdivision
14 subsection (jj) thirty-eight of
15 section two hundred ten
16 (xxviii) Clean heating fuel credit Amount of credit under
17 under subsection (mm) subdivision thirty-nine of
18 section two hundred ten
19 (xxix) Credit for rehabilitation Amount of credit under
20 of historic properties subdivision forty of
21 under subsection (oo) subsection two hundred ten
22 (xxx) Credit for companies who Amount of credit under
23 provide transportation subdivision forty of
24 to individuals section two hundred ten
25 with disabilities
26 under subsection (oo)
27 (xxxi) Credit for theAmount of credit
28 purchase of electricalunder subdivision
29 generators underforty-one of section
30 subsection (qq)two hundred ten
31 § 3. Section 606 of the tax law is amended by adding a new subsection
32 (qq) to read as follows:
33 (qq) Credit for the purchase of electrical generators. (1) Allowance
34 and amount of credit. A taxpayer shall be allowed a credit, to be
35 computed as provided in this subsection, against the tax imposed by this
36 article. The amount of the credit shall be equal to the amount expended
37 in the previous tax year for the purchase of one electrical generator.
38 (2) Application of credit. If the amount of credit allowed under this
39 subsection for any taxable year shall exceed the taxpayer's tax for such
40 year, the excess shall be treated as an overpayment of tax to be credit-
41 ed or refunded in accordance with the provisions of section six hundred
42 eighty-six of this article, provided, however, that no interest shall be
43 paid thereon.
44 § 4. This act shall take effect on the first of January next succeed-
45 ing the date on which it shall have become a law and shall apply to
46 taxable years commencing on and after such date; provided, however, that
47 the empire state film production credit under subsection (gg), the
48 empire state commercial production credit under subsection (jj) and the
49 credit for companies who provide transportation to individuals with
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1 disabilities under subsection (oo) of section 606 of the tax law
2 contained in section two of this act shall expire on the same date as
3 provided in section 9 of part P of chapter 60 of the laws of 2004, as
4 amended, section 10 of part V of chapter 62 of the laws of 2006, as
5 amended, and section 5 of chapter 522 of the laws of 2006, as amended,
6 respectively.
