Bill Text: NY A03816 | 2009-2010 | General Assembly | Introduced

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Bill Title: An act to amend the economic development law and 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 to the state

Spectrum: Partisan Bill (Republican 19-0)

Status: (Introduced - Dead) 2010-04-20 - held for consideration in economic development [A03816 Detail]

Download: New_York-2009-A03816-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3816
                              2009-2010 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 28, 2009
                                      ___________
       Introduced  by  M.  of A. CORWIN, ERRIGO, GIGLIO, KOLB, QUINN, WALKER --
         Multi-Sponsored by -- M. of A. BACALLES,  BARCLAY,  BURLING,  CALHOUN,
         CROUCH,  DUPREY,  McDONOUGH,  MOLINARO,  RABBITT, REILICH, TOWNSEND --
         read once and referred to the Committee on Economic  Development,  Job
         Creation, Commerce and Industry
       AN ACT to amend the economic development law and tax law, in relation to
         creating a tax credit for manufacturing companies that have one estab-
         lished  place of business in the state and relocate a minimum of fifty
         employees from outside the state to 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    S 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-O 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    S 2. The tax law is amended by adding a new section 187-o to  read  as
   20  follows:
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD06074-01-9
       A. 3816                             2
    1    S  187-O.  MANUFACTURING JOBS INCENTIVE CREDIT. 1. GENERAL. A TAXPAYER
    2  SHALL BE ALLOWED A ONE TIME CREDIT, TO BE  CREDITED  AGAINST  THE  TAXES
    3  IMPOSED   UNDER   SECTIONS   ONE   HUNDRED   EIGHTY-THREE,  ONE  HUNDRED
    4  EIGHTY-FOUR, AND ONE HUNDRED EIGHTY-FIVE OF THIS ARTICLE.  SUCH  CREDIT,
    5  TO  BE  COMPUTED AS HEREINAFTER PROVIDED, SHALL BE ALLOWED FOR QUALIFIED
    6  MANUFACTURING COMPANIES PURSUANT TO SECTION ONE  HUNDRED  SEVEN  OF  THE
    7  ECONOMIC  DEVELOPMENT  LAW.  PROVIDED,  HOWEVER, THAT THE AMOUNT OF SUCH
    8  CREDIT ALLOWABLE AGAINST THE TAX IMPOSED BY SECTION ONE HUNDRED  EIGHTY-
    9  FOUR  OF  THIS ARTICLE SHALL BE THE EXCESS OF THE CREDIT ALLOWED BY THIS
   10  SECTION OVER THE AMOUNT OF SUCH CREDIT ALLOWABLE AGAINST THE TAX IMPOSED
   11  BY SECTION ONE HUNDRED EIGHTY-THREE OF THIS ARTICLE.
   12    2. AMOUNT OF CREDIT. THE AMOUNT OF THE CREDIT UNDER THIS SECTION SHALL
   13  BE 2.5 PERCENT OF THE AVERAGE SALARIES OF THE NEWLY CREATED  MANUFACTUR-
   14  ING  JOBS MULTIPLIED BY THE NUMBER OF NEW JOBS BROUGHT INTO THE STATE BY
   15  SUCH COMPANIES.
   16    3. CARRYOVER. IN NO EVENT SHALL  THE  CREDIT  UNDER  THIS  SECTION  BE
   17  ALLOWED  IN AN AMOUNT WHICH WILL REDUCE THE TAX PAYABLE TO LESS THAN THE
   18  APPLICABLE MINIMUM TAX FIXED BY SECTION ONE HUNDRED EIGHTY-THREE OR  ONE
   19  HUNDRED  EIGHTY-FIVE  OF THIS ARTICLE. IF, HOWEVER, THE AMOUNT OF CREDIT
   20  ALLOWABLE UNDER THIS SECTION FOR ANY TAXABLE YEAR  REDUCES  THE  TAX  TO
   21  SUCH  AMOUNT,  ANY  AMOUNT OF CREDIT NOT DEDUCTIBLE IN SUCH TAXABLE YEAR
   22  MAY BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS AND MAY  BE  DEDUCTED
   23  FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
   24    S 3. This act shall take effect immediately and shall apply to taxable
   25  years  beginning  on  or  after the first of January next succeeding the
   26  date on which it shall have become a law; provided, however, that effec-
   27  tive immediately, the addition, amendment and/or repeal of any  rule  or
   28  regulation necessary for the implementation of this act on its effective
   29  date  are  authorized and directed to be made and completed on or before
   30  such effective date.