STATE OF NEW YORK
________________________________________________________________________
8853
IN SENATE
March 21, 2024
___________
Introduced by Sen. HELMING -- 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 49 to read
2 as follows:
3 § 49. 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:
23 (1) for taxpayers who are currently producing medical equipment or
24 personal protective equipment, as defined in paragraph (a) of subdivi-
25 sion two of section one hundred forty-eight of the state finance law, or
26 were producing medical equipment or personal protective equipment, as
27 defined in paragraph (a) of subdivision two of section one hundred
28 forty-eight of the state finance law, in calendar year two thousand
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14924-01-4
S. 8853 2
1 twenty-four or in January two thousand twenty-five, the credit shall be
2 twenty percent of the wholesale market value of such supplies produced
3 in excess of the monthly average production for the two thousand twen-
4 ty-four calendar year or monthly average production equivalent if such
5 supplies were not produced for the entire calendar year; or
6 (2) for taxpayers who have not produced such supplies prior to the
7 enactment date of this section, thirty percent of the wholesale market
8 value of such supplies produced.
9 (c) Cross-references. For application of the credit provided for in
10 this section, see the following provisions of this chapter:
11 (1) Article 9-A: Section 210-B, subdivision 60.
12 (2) Article 22: Section 606, subsections (i) and (a-3).
13 § 2. Section 210-B of the tax law is amended by adding a new subdivi-
14 sion 60 to read as follows:
15 60. New York manufacturing adequate domestic equipment credit (NY
16 MADE). A taxpayer shall be allowed a credit, to be computed as provided
17 in section forty-nine of this chapter, against the tax imposed by this
18 article. In no event shall the credit allowed under this subdivision for
19 any taxable year reduce the tax due for such year to less than the
20 amount prescribed in paragraph (d) of subdivision one of this section.
21 However, if the amount of credit allowed under this subdivision for any
22 taxable year reduces the tax to such amount, any amount of credit thus
23 not deductible in such taxable year shall be treated as an overpayment
24 of tax to be credited or refunded in accordance with the provisions of
25 section one thousand eighty-six of this chapter. Provided, however, the
26 provisions of subsection (c) of section one thousand eighty-eight of
27 this chapter notwithstanding, no interest shall be paid thereon.
28 § 3. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
29 of the tax law is amended by adding a new clause (li) to read as
30 follows:
31 (li) New York Manufacturing AdequateAmount of credit under subdivision
32 Domestic Equipment credit (NY MADE)sixty of section two hundred
33 under subsection (a-3)ten-B
34 § 4. Section 606 of the tax law is amended by adding a new subsection
35 (a-3) to read as follows:
36 (a-3) New York Manufacturing Adequate Domestic Equipment credit (NY
37 MADE). A taxpayer shall be allowed a credit, to be computed as provided
38 in section forty-nine of this chapter, against the tax imposed by this
39 article. If the amount of the credit allowed under this subsection for
40 any taxable year shall exceed the taxpayer's tax for such year, the
41 excess shall be treated as an overpayment of tax to be credited or
42 refunded in accordance with the provisions of section six hundred eight-
43 y-six of this article, provided, however, that no interest shall be paid
44 thereon.
45 § 5. This act shall take effect immediately, and shall apply to taxa-
46 ble years beginning on or after January 1, 2025.
