Bill Text: NY A03376 | 2019-2020 | General Assembly | Introduced

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Bill Title: Creates a tax credit for manufacturing companies that have one established place of business in the state and relocate a minimum of fifty employees from outside the state to the state; provides that manufacturing companies shall be allowed a credit in the amount of 2.5 percent of the average salaries of newly created manufacturing jobs multiplied by number of new jobs brought to the state.

Spectrum: Partisan Bill (Republican 6-0)

Status: (Introduced - Dead) 2020-01-08 - referred to economic development [A03376 Detail]

Download: New_York-2019-A03376-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          3376
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    January 29, 2019
                                       ___________
        Introduced by M. of A. NORRIS -- read once and referred to the Committee
          on Economic Development
        AN  ACT  to  amend  the  economic  development  law  and the tax law, in
          relation to creating a tax credit  for  manufacturing  companies  that
          have  one  established  place  of business in the state and relocate a
          minimum of fifty employees from outside the state into the state
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  The  economic  development law is amended by adding a new
     2  section 107 to read as follows:
     3    § 107. Encourage manufacturing jobs. 1. The commissioner shall promote
     4  the location and development of new businesses in the state by encourag-
     5  ing manufacturing companies that already have at least  one  established
     6  place  of  business in the state and bring at least fifty employees from
     7  an out of state location to the state  for  the  purposes  of  expanding
     8  their manufacturing company.
     9    2.  The  commissioner shall determine what companies qualify for a tax
    10  credit pursuant to section one hundred eighty-seven-q of  the  tax  law,
    11  but  only manufacturing companies that bring long term jobs to the state
    12  shall be eligible for such credit, provided that:
    13    (a) the commissioner shall have the  power  to  define  and  determine
    14  which jobs are "long term"; and
    15    (b) notwithstanding paragraph (a) of this subdivision, a manufacturing
    16  company  that  loses  its  contract, closes a facility or suffers from a
    17  catastrophic event as determined by the commissioner shall not be deemed
    18  ineligible for such credit.
    19    § 2. The tax law is amended by adding a new section 187-q to  read  as
    20  follows:
    21    §  187-q.  Manufacturing jobs incentive credit. 1. General. A taxpayer
    22  shall be allowed a one time credit, to be  credited  against  the  taxes
    23  imposed  under sections one hundred eighty-three and one hundred eighty-
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02959-01-9
        A. 3376                             2
     1  four of this  article.  Such  credit,  to  be  computed  as  hereinafter
     2  provided,  shall be allowed for qualified manufacturing companies pursu-
     3  ant to section one  hundred  seven  of  the  economic  development  law.
     4  Provided,  however, that the amount of such credit allowable against the
     5  tax imposed by section one hundred eighty-four of this article shall  be
     6  the excess of the credit allowed by this section over the amount of such
     7  credit  allowable against the tax imposed by section one hundred eighty-
     8  three of this article.
     9    2. Amount of credit. The amount of the credit under this section shall
    10  be 2.5 percent of the average salaries of the newly created  manufactur-
    11  ing  jobs multiplied by the number of new jobs brought into the state by
    12  such companies.
    13    3. Carryover. In no event shall  the  credit  under  this  section  be
    14  allowed  in an amount which will reduce the tax payable to less than the
    15  applicable minimum tax fixed by section one hundred eighty-three of this
    16  article. If, however, the amount of credit allowable under this  section
    17  for any taxable year reduces the tax to such amount, any amount of cred-
    18  it  not  deductible  in  such  taxable  year  may be carried over to the
    19  following year or years and may be deducted from the taxpayer's tax  for
    20  such year or years.
    21    § 3. This act shall take effect immediately and shall apply to taxable
    22  years  beginning  on  or  after the first of January next succeeding the
    23  date on which it shall have become a law; provided, however, that effec-
    24  tive immediately, the addition, amendment and/or repeal of any  rule  or
    25  regulation necessary for the implementation of this act on its effective
    26  date  are  authorized and directed to be made and completed on or before
    27  such effective date.