A02483 Summary:

BILL NO    A02483 

SAME AS    No same as 

SPONSOR    Magee

COSPNSR    

MLTSPNSR   

Amd S606, Tax L

Relates to the empire zone wage tax credit for certain manufacturers.
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A02483 Actions:

BILL NO    A02483 

01/16/2015 referred to ways and means
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A02483 Votes:

There are no votes for this bill in this legislative session.
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A02483 Memo:

BILL NUMBER:A2483

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
manufacturers 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
manufacturers.

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 especially true in areas of New York which have seen a steady loss
of manufacturing 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 entitled 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 manufacturers 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:

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________

                                         2483

                              2015-2016 Regular Sessions

                                 I N  A S S E M B L Y

                                   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    S 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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