Establishes a tax credit for the purchase and installation of eligible commercial fishing equipment; defines terms; provides that such credit shall be fifty percent of the qualified expenses for commercial fishing equipment.
STATE OF NEW YORK
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6047
2013-2014 Regular Sessions
IN ASSEMBLY
March 13, 2013
___________
Introduced by M. of A. THIELE, SALADINO -- Multi-Sponsored by -- M. of
A. FITZPATRICK, McDONOUGH, RAIA -- read once and referred to the
Committee on Ways and Means
AN ACT to amend the tax law, in relation to credit for commercial fish-
ing equipment
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The tax law is amended by adding a new section 38 to read
2 as follows:
3 § 38. Credit for commercial fishing equipment. (a) General. A commer-
4 cial fisherman as defined by subdivision (i) of section three hundred of
5 this chapter shall be allowed a credit against personal income tax. The
6 credit shall be allowed for qualified expenditures which meet the eligi-
7 bility criteria, if any, prescribed by the department, in consultation
8 with the department of environmental conservation, disbursed in this
9 state.
10 (b) Definitions. (1) The term "commercial fishing equipment" shall
11 refer to the equipment used to catch large quantities of fish, includ-
12 ing:
13 (i) Hooks, harpoons, and gaffs, electronic lures, lead weights, bottom
14 reels, nets and monofilament.
15 (ii) Traps, trap and pot haulers, blocks and rollers, crab and shrimp
16 gear, and davits.
17 (iii) Any additional equipment as determined by the department, in
18 consultation with the department of environmental conservation.
19 (2) The term "taxable year" means the taxable year of a business
20 taxpayer filing a New York state tax return.
21 (3) Qualified expenditures shall be remitted costs for equipment
22 directly related to commercial fishing or installation of such equipment
23 intended for the original use of said taxpayer, on a vessel registered
24 in New York state. Such qualified expenditures shall not include inter-
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09257-01-3
A. 6047 2
1 est or other finance charges whether such charges accrue as a result of
2 lease or ownership of such equipment. For purposes of determining the
3 expenses serving as qualified expenditures under this section, any
4 amount of federal, state or local grant received by the taxpayer used
5 for the purchase and/or installation of such equipment and which is not
6 included in the federal gross income of the taxpayer shall not serve as
7 a qualifying expenditure.
8 (4) Credit for commercial fishing equipment. The amount of credit for
9 the purchase and installation of eligible commercial fishing equipment
10 shall be fifty percent of the qualified expenses for commercial fisher-
11 men, incurred in purchasing and installing any such system.
12 (c) Credit qualification. Realization of credit. Credits earned under
13 this section shall be qualifying expenditures incurred after January
14 first, two thousand thirteen, that accredit to the taxpayer's credit
15 allowance year and each subsequent taxable year.
16 § 2. This act shall take effect immediately and shall apply to taxable
17 years commencing on and after January 1, 2014.
