A04150 Summary:

BILL NOA04150
 
SAME ASNo Same As
 
SPONSORPalmesano (MS)
 
COSPNSRCrouch, Raia, Giglio, Hawley, Ashby, Morinello, Blankenbush, Brabenec, Norris, Lawrence, Reilly, Salka, LiPetri, Miller B
 
MLTSPNSRBarclay, Tague
 
Amd 210-B & 606, Tax L
 
Increases from 20% to 100% the portion of real property taxes that a manufacturer may take as a business franchise or personal income tax credit.
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A04150 Actions:

BILL NOA04150
 
02/01/2019referred to ways and means
01/08/2020referred to ways and means
07/17/2020held for consideration in ways and means
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A04150 Committee Votes:

WAYS AND MEANS Chair:Weinstein DATE:07/17/2020AYE/NAY:22/10 Action: Held for Consideration
WeinsteinAyeRaNay
LentolAyeCrouchNay
SchimmingerExcusedFitzpatrickNay
GlickAyeHawleyNay
NolanAyeMalliotakisNay
PretlowAyeMontesanoNay
PerryAyeBlankenbushNay
ColtonAyePalmesanoNay
CookAyeNorrisNay
CahillAyeBrabenecNay
AubryAye
CusickAye
OrtizExcused
BenedettoAye
WeprinAye
RodriguezAye
RamosAye
BraunsteinAye
McDonaldAye
RozicAye
SimotasAye
DinowitzAye
MillerAye
JoynerAye

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A04150 Floor Votes:

There are no votes for this bill in this legislative session.
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A04150 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4150
 
                               2019-2020 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 1, 2019
                                       ___________
 
        Introduced by M. of A. PALMESANO, CROUCH, RAIA, GIGLIO, HAWLEY, ASHBY --
          Multi-Sponsored  by  --  M.  of  A.  BARCLAY,  TAGUE  -- read once and
          referred to the Committee on Ways and Means
 
        AN ACT to amend the tax law, in relation to increasing the amount of the
          business franchise and personal income tax credits for  real  property
          taxes paid by qualified manufacturers
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Paragraph (a) of subdivision 43 of section 210-B of the tax
     2  law, as added by section 17 of part A of chapter 59 of the laws of 2014,
     3  is amended to read as follows:
     4    (a) A qualified New York manufacturer, as defined in subparagraph (vi)
     5  of paragraph (a) of subdivision one of section two hundred ten  of  this
     6  article,  will be allowed a credit equal to [twenty] one hundred percent
     7  of the real property tax it paid during the taxable year for real  prop-
     8  erty  owned  by such manufacturer in New York which was principally used
     9  during the taxable year for manufacturing to the extent not deducted  in
    10  determining    entire net income. This credit will not be allowed if the
    11  real property taxes that are the basis for this credit are  included  in
    12  the calculation of another credit claimed by the taxpayer.
    13    §  2. Paragraph 1 of subsection (xx) of section 606 of the tax law, as
    14  amended by section 8 of part I of chapter 59 of the  laws  of  2015,  is
    15  amended to read as follows:
    16    (1)  A  qualified New York manufacturer will be allowed a credit equal
    17  to [twenty] one hundred percent of the real property tax it paid  during
    18  the  taxable  year  for  real property owned by such manufacturer in New
    19  York which was principally used during the taxable year for  manufactur-
    20  ing  to  the  extent  not  deducted in computing New York adjusted gross
    21  income. This credit will not be allowed if the real property taxes  that
    22  are the basis for this credit are included in the calculation of another
    23  credit claimed by the taxpayer.
    24    § 3. This act shall take effect immediately and shall apply to taxable
    25  years commencing on or after January 1, 2019.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07555-01-9
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