A06593 Summary:

BILL NOA06593
 
SAME ASNo Same As
 
SPONSORCrespo
 
COSPNSR
 
MLTSPNSRArroyo, Moya, Ortiz, Ramos, Rivera, Rodriguez
 
Add SS42 & 195, amd S606, Tax L
 
Establishes a one-time tax credit for purchase and installation of a security camera system in convenience stores located in cities with a population of one hundred fifty thousand or more.
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A06593 Actions:

BILL NOA06593
 
03/27/2015referred to ways and means
01/06/2016referred to ways and means
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A06593 Committee Votes:

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A06593 Floor Votes:

There are no votes for this bill in this legislative session.
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A06593 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6593
 
                               2015-2016 Regular Sessions
 
                   IN ASSEMBLY
 
                                     March 27, 2015
                                       ___________
 
        Introduced  by M. of A. CRESPO -- Multi-Sponsored by -- M. of A. ARROYO,
          MOYA, ORTIZ, RAMOS, RIVERA, RODRIGUEZ -- read once and referred to the
          Committee on Ways and Means
 
        AN ACT to amend the tax law, in relation to establishment  of  a  credit
          for purchase and installation of security camera system in convenience
          stores  located in cities with a population of one hundred fifty thou-
          sand or more
 
          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 42 to read
     2  as follows:
     3    § 42.  Credit for purchase and installation of security camera  system
     4  in convenience stores located in cities with a population of one hundred
     5  fifty thousand or more.  (a) Allowance of credit. In cities with a popu-
     6  lation  of  one  hundred fifty thousand or more, a corporation or a sole
     7  proprietor operating a convenience store or "bodega" selling  groceries,
     8  which  is  subject to tax under article nine or twenty-two of this chap-
     9  ter, shall be allowed  a  one-time  credit  against  such  tax  for  the
    10  purchase and installation of a qualified security camera system on store
    11  premises.  The  amount  of  the  credit  shall  be equal to seventy-five
    12  percent of the expenditure incurred in  purchasing  and  installing  any
    13  such  qualified  security camera system in a convenience store or "bode-
    14  ga", but not to exceed the maximum credit of one thousand  five  hundred
    15  dollars.
    16    (b)  Definition.  The  term  "qualified  security camera system" means
    17  expenditures for the purchase of a camera system,  materials  and  labor
    18  costs  properly  allocable to on-site preparation, assembly and original
    19  installation. Such qualified expenditures shall not include interest  or
    20  other finance charges.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05665-01-5

        A. 6593                             2
 
     1    (c)  When  credit  allowed.  The  credit  provided for herein shall be
     2  allowed with respect to the taxable year commencing in which the securi-
     3  ty camera system is installed.
     4    (d)  Carryover  of credit. If the amount of the credit, and carryovers
     5  of such credit, allowable under this subdivision for  any  taxable  year
     6  shall exceed the taxpayer's tax for such year, such excess amount may be
     7  carried  over  to the five taxable years next following the taxable year
     8  with respect to which the credit is allowed and may be deducted from the
     9  taxpayer's tax for such year or years.
    10    § 2.  Section 606 of the tax law is amended by adding a new subsection
    11  (ccc) to read as follows:
    12    (ccc) Credit for purchase and installation of security  camera  system
    13  in convenience stores located in cities with a population of one hundred
    14  fifty  thousand or more. (1) Allowance of credit. In cities with a popu-
    15  lation of one hundred fifty thousand or more, a taxpayer which is a sole
    16  proprietor operating a convenience store or "bodega"  selling  groceries
    17  shall  be  allowed  a one-time credit for purchase and installation of a
    18  security camera system on store premises, to be computed as provided  in
    19  section forty-two of this chapter, against the tax imposed by this arti-
    20  cle.
    21    (2)  Carryover  of credit. If the amount of the credit, and carryovers
    22  of such credit, allowable under this subsection  for  any  taxable  year
    23  shall exceed the taxpayer's tax for such year, such excess amount may be
    24  carried  over  to the five taxable years next following the taxable year
    25  with respect to which the credit is allowed and may be deducted from the
    26  taxpayer's tax for such year or years.
    27    § 3. The tax law is amended by adding a new section  195  to  read  as
    28  follows:
    29    §  195. Credit for purchase and installation of security camera system
    30  in convenience stores located in cities with a population of one hundred
    31  fifty thousand or more. 1. Allowance of credit. In cities with  a  popu-
    32  lation  of  one  hundred  fifty  thousand or more, a taxpayer which is a
    33  corporation operating a convenience store or "bodega" selling  groceries
    34  shall  be  allowed  a one-time credit for purchase and installation of a
    35  security camera system on store premises, to be computed as provided  in
    36  section forty-two of this chapter, against the tax imposed by this arti-
    37  cle.
    38    2. Carryover of credit. If the amount of the credit, and carryovers of
    39  such credit, allowable under this subdivision for any taxable year shall
    40  exceed  the  taxpayer's  tax  for  such  year, such excess amount may be
    41  carried over to the five taxable years next following the  taxable  year
    42  with respect to which the credit is allowed and may be deducted from the
    43  taxpayer's tax for such year or years.
    44    § 4. This act shall take effect January 1, 2016; provided, however, if
    45  this  act  shall become a law after such date it shall take effect imme-
    46  diately and shall be deemed to have been in full force and effect on and
    47  after January 1, 2016.
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