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.