Bill > A03306

This bill creates a tax credit for small businesses that are required to maintain marine bulkheads, providing a 100% tax credit for the total cost of bulkhead maintenance during the taxable year starting January 1, 2025. To qualify, businesses must be independently owned and operated, employ 100 or fewer full-time workers in New York State, and be legally required to have marine bulkheads. Businesses must submit documentation to the tax commissioner substantiating their bulkhead maintenance requirements, and the commissioner will establish rules and regulations for allocating these tax credits, including specifying the documentation needed and standards for evaluating such documentation. Marine bulkheads are structures typically used to protect shorelines from erosion and stabilize coastal areas, and this bill aims to support small businesses that bear the financial burden of maintaining these critical infrastructure elements. The tax credit applies to both personal income tax and corporate tax, providing financial relief to qualifying small businesses with coastal property.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A3306