A02483 Summary:

BILL NOA02483
 
SAME ASNo Same As
 
SPONSORMagee
 
COSPNSR
 
MLTSPNSR
 
Amd S606, Tax L
 
Relates to the empire zone wage tax credit for certain manufacturers.
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A02483 Actions:

BILL NOA02483
 
01/16/2015referred to ways and means
01/06/2016referred to ways and means
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A02483 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A2483
 
SPONSOR: Magee
  TITLE OF BILL: An act to amend the tax law, in relation to certain manufacturers   PURPOSE: Adjust the calculation of various components of the wage tax credits under subdivision (k) of section 606 of the tax law for certain manufac- turers certified in the empire zone.   SUMMARY OF PROVISIONS: Section 1. Makes provisions for the calculation of the empire zone wage tax credits under section 606(k) of the tax law for certain manufactur- ers. Section 2. Effective date.   JUSTIFICATION: Empire zone enterprises are vital businesses within our communities that encourage job growth and foster economic development. And, this is espe- cially true in areas of New York which have seen a steady loss of manu- facturing jobs in recent years. As an incentive to participate in the Empire Zones Program, certified entities qualify for tax credits and refunds. For example, under New York State tax law, an empire zone enterprise that grows employment after its certification date is enti- tled to certain wage tax credits based on the amount of increase. Businesses seeking to participate in the Empire Zones Program must be certified by the local Zone Administrative Board before certification by the State Department of Economic Development. The date of designation of lands and certification of the company by the local Zone Administrative Board is critical to the calculation of the wage tax credits under the Program because the business must grow its employment after established dates to receive these credits. This bill would allow certain manufac- turers who have complied with the spirit of the law, and have relied on the wage tax credit as a significant component of its budget, to receive five years of wage tax credits as originally intended under the Empire Zones Program.   PRIOR LEGISLATIVE HISTORY: 2013-2014; A.9997   FISCAL IMPLICATIONS: None.   EFFECTIVE DATE: This act shall take effect immediately and shall apply to taxable years beginning on and after January 1, 2010.
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A02483 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          2483
 
                               2015-2016 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 16, 2015
                                       ___________
 
        Introduced  by M. of A. MAGEE -- read once and referred to the Committee
          on Ways and Means
 
        AN ACT to amend the tax law, in relation to certain manufacturers
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1. Subsection (k) of section 606 of the tax law is amended by
     2  adding a new paragraph 3-a to read as follows:
     3    (3-a) In the case of a manufacturer: (i) that has acquired the  assets
     4  of  a plastics manufacturer previously operating in New York state, (ii)
     5  is certified as an empire zone enterprise with an effective date  on  or
     6  after  January first, two thousand nine, and (iii) employs an average of
     7  more than thirty full-time employees each year in which it qualifies for
     8  a credit under this subsection, then, such manufacturer shall be  deemed
     9  to  have  an employment number as of such certified entity's empire zone
    10  designation date of zero; shall be eligible to claim  wage  tax  credits
    11  provided  for  by  this subsection for tax year two thousand ten and the
    12  four tax years then following; and shall be deemed to be a new  business
    13  for  purposes  of  this subsection for tax year two thousand ten and the
    14  four tax years then following.
    15    § 2. This act shall take effect immediately and  shall  apply  to  all
    16  taxable years beginning on or after January 1, 2010.
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05712-01-5
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