A03772 Summary:

BILL NO    A03772 

SAME AS    SAME AS S03882

SPONSOR    Tenney

COSPNSR    

MLTSPNSR   

Amd S210-B, Tax L

Relates to creating a tax credit for New York state businesses that source
materials and supplies manufactured by other New York state businesses.
Go to top

A03772 Actions:

BILL NO    A03772 

01/27/2015 referred to ways and means
Go to top

A03772 Votes:

There are no votes for this bill in this legislative session.
Go to top

A03772 Memo:

BILL NUMBER:A3772

TITLE OF BILL:  An act to amend the tax law, in relation to creating a
tax  credit  for  New  York state businesses that source materials and
supplies manufactured by other New York state businesses

PURPOSE OR GENERAL IDEA OF BILL: Relates to creating a tax credit  for
New   York   state  businesses  that  source  materials  and  supplies
manufactured by other New York state businesses.

SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends section  210  of  the
tax law, which adds a new subdivision 46 to read as follows:

46.  Qualified  products  local sourcing credit. Businesses subject to
tax liability under article nine or nine-A of this chapter, purchasing
qualified products may claim the qualified products local sourcing tax
credit against any such  liability  at  the  close  of  the  tax  year
provided,  however,  that the unused portion of any tax credit claimed
shall not be carried forward and applied in another tax year.

Section 1, 46. continues with definitions and specifications  for  the
qualified products local sourcing credit.

Section 2 contains the effective date.

JUSTIFICATION: New York state's manufacturers contribute more than $65
billion  annually to New York's Gross Domestic Product and employ more
than 800,000 state taxpayers. Additionally, manufacturing creates  2.5
related  jobs  in  other  sectors.  New  York  state  reaps tremendous
benefits when its manufacturers operate in  a  stable  and  supportive
environment.

Many  businesses  in  New York are already taking the initiative to do
business with other New York state businesses.  Creating  a  New  York
state  tax  credit  program  would  provide opportunities for New York
state-based businesses to prosper and expand, enhancing the commitment
to get New York "open for business."

This legislation will  create  a  qualified  products  local  sourcing
credit that businesses can claim on their tax forms for doing business
with other New York-based businesses.

PRIOR  LEGISLATIVE  HISTORY:    05/01/13  referred  to  ways and means
01/08/14 referred to ways and means 06/17/14 held for consideration in
ways and means

FISCAL IMPLICATIONS: None.

EFFECTIVE DATE: This act shall take effect immediately.
Go to top

A03772 Text:

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

                                         3772

                              2015-2016 Regular Sessions

                                 I N  A S S E M B L Y

                                   January 27, 2015
                                      ___________

       Introduced by M. of A. TENNEY -- read once and referred to the Committee
         on Ways and Means

       AN  ACT  to  amend the tax law, in relation to creating a tax credit for
         New York state businesses that source materials and supplies  manufac-
         tured by other New York state businesses

         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:

    1    Section. 1. Section 210-B of the tax law is amended by  adding  a  new
    2  subdivision 49 to read as follows:
    3    49.  QUALIFIED  PRODUCTS LOCAL SOURCING CREDIT. (A) BUSINESSES SUBJECT
    4  TO TAX LIABILITY UNDER ARTICLE NINE OR NINE-A OF THIS CHAPTER,  PURCHAS-
    5  ING  QUALIFIED  PRODUCTS MAY CLAIM THE QUALIFIED PRODUCTS LOCAL SOURCING
    6  TAX CREDIT AGAINST ANY SUCH LIABILITY AT  THE  CLOSE  OF  THE  TAX  YEAR
    7  PROVIDED,  HOWEVER,  THAT  THE  UNUSED PORTION OF ANY TAX CREDIT CLAIMED
    8  SHALL NOT BE CARRIED FORWARD AND APPLIED IN ANOTHER TAX YEAR.
    9    (B) FOR THE PURPOSES OF THIS SECTION THE FOLLOWING  TERMS  SHALL  HAVE
   10  THE FOLLOWING MEANINGS:
   11    (1)  "QUALIFIED  PRODUCTS"  SHALL  MEAN  ANY MATERIALS, COMPONENTS, OR
   12  SUPPLIES WHETHER USED IN THE MANUFACTURING PROCESS OR OTHERWISE THAT ARE
   13  PRODUCED IN NEW YORK STATE BY A NEW YORK STATE BUSINESS;
   14    (2) "PRODUCER"  IS  AN  INDIVIDUAL  (WHETHER  ACTING  INDIVIDUALLY  OR
   15  THROUGH  A  COOPERATIVE, CORPORATION, PARTNERSHIP, BUSINESS ASSOCIATION,
   16  OR EDUCATIONAL INSTITUTION) WHO IS A BUSINESS OR MANUFACTURER  OF  GOODS
   17  IN NEW YORK STATE, IT SHALL NOT HOWEVER INCLUDE A WHOLESALER OR DISTRIB-
   18  UTOR;
   19    (3)  "PURCHASER"  IS  AN  INDIVIDUAL  (WHETHER  ACTING INDIVIDUALLY OR
   20  THROUGH A COOPERATIVE, CORPORATION, PARTNERSHIP,  BUSINESS  ASSOCIATION,
   21  OR  EDUCATIONAL  INSTITUTION) WHO IS A BUSINESS OR MANUFACTURER OF GOODS
   22  IN NEW YORK STATE, IT SHALL NOT HOWEVER INCLUDE A WHOLESALER OR DISTRIB-
   23  UTOR;
   24    (4) "NET SALES" ARE THE TOTAL SALES OF THE BUSINESS SUBJECT TO TAX.

        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07211-01-5
       A. 3772                             2

    1    (C) THE AMOUNT OF THE CREDIT SHALL  BE  PRESCRIBED  ACCORDING  TO  THE
    2  FOLLOWING SCHEDULE:
    3    (1)  TWENTY  PERCENT OF NET SALES ARE ATTRIBUTED TO QUALIFIED PRODUCTS
    4  THE CREDIT SHALL BE ONE THOUSAND FIVE HUNDRED DOLLARS.
    5    (2) FORTY PERCENT OF NET SALES ARE ATTRIBUTED  TO  QUALIFIED  PRODUCTS
    6  THE CREDIT SHALL BE THREE THOUSAND DOLLARS.
    7    (3)  SIXTY  PERCENT  OF NET SALES ARE ATTRIBUTED TO QUALIFIED PRODUCTS
    8  THE CREDIT SHALL BE SIX THOUSAND DOLLARS.
    9    (4) EIGHTY PERCENT OF NET SALES ARE ATTRIBUTED TO  QUALIFIED  PRODUCTS
   10  THE CREDIT SHALL BE TWELVE THOUSAND DOLLARS.
   11    (5)  ONE  HUNDRED  PERCENT  OF  NET  SALES ARE ATTRIBUTED TO QUALIFIED
   12  PRODUCTS THE CREDIT SHALL BE TWENTY-FIVE THOUSAND DOLLARS.
   13    (D) (1) BUSINESSES CLAIMING  THE  QUALIFIED  PRODUCTS  LOCAL  SOURCING
   14  CREDIT  SHALL  SUBMIT  A COMPUTER-GENERATED REPORT WITH TAX RETURNS THAT
   15  CLAIM A TAX CREDIT.
   16    (2) SUCH REPORT SHALL INCLUDE THE NAME OF THE PRODUCER AND  THE  PHYS-
   17  ICAL PLACE OF THE BUSINESS WHERE THE PRODUCTS ARE PRODUCED.
   18    (3) THE AMOUNT PAID BY THE PURCHASER TO THE PRODUCER AND THE AMOUNT OF
   19  UNITS PURCHASED.
   20    S 2. This act shall take effect immediately.
Go to top
Page display time = 0.0984 sec