Creates a tax credit for small businesses which are required to have and maintain marine bulkheads for the full cost of such maintenance during the taxable year.
Summary
This bill would create a new New York tax credit for certain small businesses that are required to have and maintain marine bulkheads. The credit would apply to taxable years beginning on or after January 1, 2025, and would equal 100% of the total cost attributable to maintaining the bulkheads during the taxable year. To qualify, a business must be independently owned and operated, employ 100 or fewer full-time workers in the state, and provide documentation to the tax commissioner showing that it is legally required to maintain marine bulkheads.
The bill amends both the personal income tax and the corporate franchise tax provisions of the Tax Law so that eligible businesses can claim the credit against either tax regime, depending on how they are taxed. It also directs the commissioner of taxation and finance to adopt rules and regulations governing how credits are allocated and what documentation taxpayers must submit to prove eligibility and the amount of maintenance costs claimed.
Impact
The bill would add a new tax credit provision to section 606 of the Tax Law for individuals and pass-through entities, and a corresponding credit mechanism to section 210-B for corporations. In practical terms, it would reduce state tax liability for qualifying small businesses that must maintain marine bulkheads, potentially offsetting the full cost of that maintenance. The measure would also require administrative rulemaking by the Department of Taxation and Finance to define documentation and verification procedures.
Sentiment
There is no recorded committee transcript or vote history in the provided materials, so no formal debate or opposition is documented. Based on the bill text and caption, the measure appears to be framed as targeted relief for small businesses facing a specific infrastructure maintenance obligation, suggesting a generally supportive policy rationale. However, because no votes or hearing remarks are available, the overall legislative sentiment cannot be assessed beyond the bill’s stated purpose.
Contention
The main potential point of contention is the scope and cost of the credit: it would cover 100% of maintenance costs for a narrow class of businesses, which could raise concerns about state revenue loss or whether the benefit is too generous. Another possible issue is eligibility and administration, since businesses must prove they are required to maintain marine bulkheads and substantiate the amount of maintenance costs, leaving room for disputes over documentation standards and enforcement. No specific opposing or supporting stakeholders are identified in the available record.
Creates a tax credit for small businesses which are required to have and maintain marine bulkheads for the full cost of such maintenance during the taxable year.
Establishes the school supplies education credit to allow a resident taxpayer who is a parent, guardian or other person, lawfully having the care, custody or control of a person who has not yet attained the age of nineteen years, and such person is enrolled in elementary or secondary education in any public school, nonpublic or charter school, board of cooperative educational services, or that receives home instruction, to have a credit equal to the cost of learning materials and school supplies purchased for education purposes during the taxable year, provided that such credit shall not exceed five hundred dollars per student and shall not exceed the total one thousand five hundred dollars per family.
Establishes the school supplies education credit to allow a resident taxpayer who is a parent, guardian or other person, lawfully having the care, custody or control of a person who has not yet attained the age of nineteen years, and such person is enrolled in elementary or secondary education in any public school, nonpublic or charter school, board of cooperative educational services, or that receives home instruction, to have a credit equal to the cost of learning materials and school supplies purchased for education purposes during the taxable year, provided that such credit shall not exceed five hundred dollars per student and shall not exceed the total one thousand five hundred dollars per family.