S T A T E O F N E W Y O R K ________________________________________________________________________ 6926 2015-2016 Regular Sessions I N A S S E M B L Y April 10, 2015 ___________ 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 42 to read 2 as follows: 3 S 42. 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. LBD10357-01-5 A. 6926 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 FIFTEEN, THAT ACCREDIT TO THE TAXPAYER'S CREDIT 15 ALLOWANCE YEAR AND EACH SUBSEQUENT TAXABLE YEAR. 16 S 2. This act shall take effect immediately and shall apply to taxable 17 years commencing on and after January 1, 2016.