Relates to creating a tax credit for small businesses which are required to have and maintain marine bulkheads

2025 Regular Session Introduced by Stacey Pheffer Amato

Bill A 3306 offers tax credits to small businesses for costs related to installing and maintaining marine bulkheads, easing financial burdens and promoting compliance.

REFERRED TO WAYS AND MEANS

Purpose and Intent

Bill A 3306 aims to provide financial relief to small businesses that are required to install and maintain marine bulkheads. The legislation seeks to create a tax credit specifically designed to offset the costs associated with these environmental and structural requirements, thereby supporting small business sustainability and compliance with marine regulations.

Key Provisions

Tax Credit Establishment: The bill proposes the creation of a tax credit for small businesses that incur expenses related to the installation and maintenance of marine bulkheads.

Eligibility Criteria: Small businesses that meet specific criteria, which will be defined in the bill, will qualify for the tax credit. This may include factors such as business size, revenue thresholds, and the nature of the marine bulkhead requirements.

Credit Amount: While the exact dollar amount of the tax credit is not specified in the provided information, it is expected that the bill will outline a percentage of eligible expenses that can be claimed as a credit against state taxes.

Application Process: The bill will likely include guidelines on how businesses can apply for the tax credit, including any necessary documentation to prove compliance with marine bulkhead regulations.

Impact

Affected Parties: The primary beneficiaries of this bill will be small businesses operating in coastal areas or regions where marine bulkheads are mandated. These businesses may include those in sectors such as fishing, shipping, tourism, and waterfront development.

Economic Relief: By providing a tax credit, the bill aims to alleviate the financial burden on small businesses, encouraging compliance with environmental regulations while promoting economic growth in affected areas.

Procedural Aspects

Current Status: As of January 27, 2025, Bill A 3306 has been referred to the Ways and Means Committee for further consideration.

Legislative History: This bill is related to prior-session bills A 6741, A 804, and A 2863, which may have addressed similar issues or provisions regarding marine bulkheads and small business support.

Conclusion

Bill A 3306 represents an effort to support small businesses facing the financial challenges of maintaining marine bulkheads. By establishing a tax credit, the legislation seeks to promote compliance with environmental regulations while fostering economic resilience in coastal communities. Further developments will be monitored as the bill progresses through the legislative process.

Bill