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A05441 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5441
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                     March 10, 2023
                                       ___________
 
        Introduced  by  M. of A. PALMESANO, BLANKENBUSH, BRABENEC, J. M. GIGLIO,
          HAWLEY, MORINELLO, NORRIS, REILLY -- Multi-Sponsored by --  M.  of  A.
          BARCLAY,  TAGUE -- read once and referred to the Committee on Ways and
          Means
 
        AN ACT to amend the tax law, in relation to increasing the amount of the
          business franchise and personal income tax credits for  real  property
          taxes paid by qualified manufacturers
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Paragraph (a) of subdivision 43 of section 210-B of the tax
     2  law, as added by section 17 of part A of chapter 59 of the laws of 2014,
     3  is amended to read as follows:
     4    (a) A qualified New York manufacturer, as defined in subparagraph (vi)
     5  of paragraph (a) of subdivision one of section two hundred ten  of  this
     6  article,  will be allowed a credit equal to [twenty] one hundred percent
     7  of the real property tax it paid during the taxable year for real  prop-
     8  erty  owned  by such manufacturer in New York which was principally used
     9  during the taxable year for manufacturing to the extent not deducted  in
    10  determining    entire net income. This credit will not be allowed if the
    11  real property taxes that are the basis for this credit are  included  in
    12  the calculation of another credit claimed by the taxpayer.
    13    §  2. Paragraph 1 of subsection (xx) of section 606 of the tax law, as
    14  amended by section 8 of part I of chapter 59 of the  laws  of  2015,  is
    15  amended to read as follows:
    16    (1)  A  qualified New York manufacturer will be allowed a credit equal
    17  to [twenty] one hundred percent of the real property tax it paid  during
    18  the  taxable  year  for  real property owned by such manufacturer in New
    19  York which was principally used during the taxable year for  manufactur-
    20  ing  to  the  extent  not  deducted in computing New York adjusted gross
    21  income. This credit will not be allowed if the real property taxes  that
    22  are the basis for this credit are included in the calculation of another
    23  credit claimed by the taxpayer.
    24    § 3. This act shall take effect immediately and shall apply to taxable
    25  years commencing on or after January 1, 2023.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08484-01-3
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