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A05422 Summary:

BILL NOA05422
 
SAME ASNo Same As
 
SPONSORKolb
 
COSPNSRGiglio, Corwin, Lopez, Raia, Montesano, Ryan
 
MLTSPNSRCeretto, Tenney
 
Amd SS210-B & 606, Tax L
 
Provides a credit against personal income tax and corporate franchise tax for wine bottling, packaging and labelling expenses of wineries, breweries and distilleries licensed pursuant to certain provisions of the alcoholic beverage control law; allows any amount of credit not deducted in a tax year to be carried over to the following tax year or years.
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A05422 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5422
 
                               2015-2016 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 23, 2015
                                       ___________
 
        Introduced  by  M.  of  A. KOLB, GIGLIO, CORWIN, LOPEZ, RAIA, MONTESANO,
          RYAN -- Multi-Sponsored by -- M. of A. CERETTO, TENNEY  --  read  once
          and referred to the Committee on Ways and Means
 
        AN  ACT  to  amend  the  tax  law, in relation to providing for a credit
          against the personal income tax and the franchise tax on  corporations
          for  certain  bottling,  packaging and labelling expenses of wineries,
          breweries and distilleries
 
          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. (a) A taxpayer shall be allowed a credit against the  tax  imposed
     4  by this article equal to the amount actually expended on and after Janu-
     5  ary  first,  two  thousand  fifteen for cases, bottles, carafes or other
     6  containers in which wine, liquor, or beer produced for resale  is  pack-
     7  aged  and  for corks and labels used in and on such containers; provided
     8  such taxpayer is licensed as a winery, distillery, or  brewery  pursuant
     9  to  the provisions of section seventy-six, sixty-one or fifty-one of the
    10  alcoholic beverage control law;  provided  that  this  subdivision  only
    11  applies  to  brewers that produce sixty million or fewer gallons of beer
    12  in this state.
    13    (b) In no event shall the credit herein provided for be allowed in  an
    14  amount  which will reduce the tax payable to less than the minimum fixed
    15  by paragraph (d) of subdivision one of section two hundred ten  of  this
    16  article.   If, however, the amount of credit allowable under this subdi-
    17  vision for any taxable year reduces the tax to such amount,  any  amount
    18  of credit 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    § 2. Section 606 of the tax law is amended by adding a new  subsection
    22  (ccc) to read as follows:
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03600-01-5

        A. 5422                             2
 
     1    (ccc) (1) A taxpayer shall be allowed a credit against the tax imposed
     2  by this article equal to the amount actually expended on and after Janu-
     3  ary  first,  two  thousand  fifteen for cases, bottles, carafes or other
     4  containers in which wine, liquor or beer produced for resale is packaged
     5  and  for  corks and labels used in and on such containers; provided such
     6  taxpayer is licensed as a winery, distillery or brewery pursuant to  the
     7  provisions  of  section seventy-six, sixty-one or fifty-one of the alco-
     8  holic beverage control law; provided that  this  subsection  shall  only
     9  apply  to  breweries that produce sixty million gallons of beer or fewer
    10  in this state.
    11    (2) In no event shall the amount of the credit herein provided for  be
    12  allowed  in excess of the taxpayer's tax for such year.  However, if the
    13  amount of credit otherwise allowable under this subsection for any taxa-
    14  ble year results in such excess amount, any amount of credit not deduct-
    15  ible in such taxable year may be carried over to the following  year  or
    16  years  and  may  be  deducted  from  the taxpayer's tax for such year or
    17  years.
    18    § 3. This act shall take effect immediately.
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