STATE OF NEW YORK
________________________________________________________________________
853
2025-2026 Regular Sessions
IN SENATE(Prefiled)
January 8, 2025
___________
Introduced by Sens. HELMING, BORRELLO, GALLIVAN, WEBER, WEIK -- read
twice and ordered printed, and when printed to be committed to the
Committee on Budget and Revenue
AN ACT to amend the tax law, in relation to establishing the New York
manufacturing adequate domestic equipment credit (NY MADE)
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The tax law is amended by adding a new section 50 to read
2 as follows:
3 § 50. New York manufacturing adequate domestic equipment credit (NY
4 MADE). (a) General. A taxpayer subject to tax under article nine-A or
5 twenty-two of this chapter, produces medical equipment or personal
6 protective equipment, as defined in paragraph (a) of subdivision two of
7 section one hundred forty-eight of the state finance law, in this state
8 during the taxable year, shall be allowed a credit against such taxes in
9 the amount specified in subdivision (b) of this section and pursuant to
10 the provisions referenced in subdivision (c) of this section. For the
11 purposes of this section, "medical equipment" shall mean machinery,
12 apparatus, and other devices which are intended for use in the cure,
13 mitigation, treatment or prevention of illnesses or diseases or the
14 correction or alleviation of physical incapacity in human beings. Such
15 equipment must be primarily and customarily used for medical purposes
16 and not be generally useful in the absence of illness, injury, or phys-
17 ical incapacity.
18 (b) The amount of the credit per taxpayer per taxable year (or pro
19 rata share of earned credit in the case of a partnership) for production
20 of medical equipment or personal protective equipment, as defined in
21 paragraph (a) of subdivision two of section one hundred forty-eight of
22 the state finance law, shall be determined as follows:
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD01072-01-5
S. 853 2
1 (1) for taxpayers who are currently producing medical equipment or
2 personal protective equipment, as defined in paragraph (a) of subdivi-
3 sion two of section one hundred forty-eight of the state finance law, or
4 were producing medical equipment or personal protective equipment, as
5 defined in paragraph (a) of subdivision two of section one hundred
6 forty-eight of the state finance law, in calendar year two thousand
7 twenty-five or in January two thousand twenty-six, the credit shall be
8 twenty percent of the wholesale market value of such supplies produced
9 in excess of the monthly average production for the two thousand twen-
10 ty-five calendar year or monthly average production equivalent if such
11 supplies were not produced for the entire calendar year; or
12 (2) for taxpayers who have not produced such supplies prior to the
13 enactment date of this section, thirty percent of the wholesale market
14 value of such supplies produced.
15 (c) Cross-references. For application of the credit provided for in
16 this section, see the following provisions of this chapter:
17 (1) Article 9-A: Section 210-B, subdivision 61.
18 (2) Article 22: Section 606, subsections (i) and (a-3).
19 § 2. Section 210-B of the tax law is amended by adding a new subdivi-
20 sion 61 to read as follows:
21 61. New York manufacturing adequate domestic equipment credit (NY
22 MADE). A taxpayer shall be allowed a credit, to be computed as provided
23 in section fifty of this chapter, against the tax imposed by this arti-
24 cle. In no event shall the credit allowed under this subdivision for any
25 taxable year reduce the tax due for such year to less than the amount
26 prescribed in paragraph (d) of subdivision one of this section. However,
27 if the amount of credit allowed under this subdivision for any taxable
28 year reduces the tax to such amount, any amount of credit thus not
29 deductible in such taxable year shall be treated as an overpayment of
30 tax to be credited or refunded in accordance with the provisions of
31 section one thousand eighty-six of this chapter. Provided, however, the
32 provisions of subsection (c) of section one thousand eighty-eight of
33 this chapter notwithstanding, no interest shall be paid thereon.
34 § 3. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
35 of the tax law is amended by adding a new clause (lii) to read as
36 follows:
37 (lii) New York Manufacturing Amount of credit under
38 Adequatesubdivision
39 Domestic Equipment credit sixty-one of section two hundred
40 (NY MADE) under subsection (a-3)ten-B
41 § 4. Section 606 of the tax law is amended by adding a new subsection
42 (a-3) to read as follows:
43 (a-3) New York Manufacturing Adequate Domestic Equipment credit (NY
44 MADE). A taxpayer shall be allowed a credit, to be computed as provided
45 in section fifty of this chapter, against the tax imposed by this arti-
46 cle. If the amount of the credit allowed under this subsection for any
47 taxable year shall exceed the taxpayer's tax for such year, the excess
48 shall be treated as an overpayment of tax to be credited or refunded in
49 accordance with the provisions of section six hundred eighty-six of this
50 article, provided, however, that no interest shall be paid thereon.
51 § 5. This act shall take effect immediately, and shall apply to taxa-
52 ble years beginning on or after January 1, 2026.
