Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2016 |
referred to ways and means |
Jun 08, 2015 |
print number 7893a |
Jun 08, 2015 |
amend and recommit to ways and means |
May 29, 2015 |
referred to ways and means |
Assembly Bill A7893A
2015-2016 Legislative Session
Sponsored By
STIRPE
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Bill Amendments
2015-A7893 - Details
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L
2015-A7893 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7893 2015-2016 Regular Sessions I N A S S E M B L Y May 29, 2015 ___________ Introduced by M. of A. STIRPE -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to establishing a shipping cost tax credit THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 606 of the tax law is amended by adding a new subsection (ccc) to read as follows: (CCC) SHIPPING COST TAX CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER THAT IS AN OWNER OF AN ELIGIBLE MANUFACTURER, AND IS SUBJECT TO TAX UNDER THIS ARTICLE, SHALL BE ALLOWED A CREDIT AGAINST SUCH TAX, PURSUANT TO THE PROVISIONS OF THIS SUBSECTION, TO BE COMPUTED AS HEREINAFTER PROVIDED. (2) AMOUNT OF CREDIT. THE AMOUNT OF THE CREDIT FOR AN ELIGIBLE MANUFACTURER SHALL BE THE PRODUCT OF: (A) THE RECEIPTS FACTOR; AND (B) THE SHIPPING COST FACTOR. (3) RECEIPTS FACTOR. THE RECEIPTS FACTOR IS SET FORTH IN THE FOLLOWING TABLE: GROSS RECEIPTS OR SALES: RECEIPTS FACTOR: OVER $100,000,000 1.0 MORE THAN $75,000,000 BUT NOT 0.75 OVER 100,000,000 MORE THAN $50,000,000 BUT NOT 0.5 OVER 75,000,000 LESS THAN $50,000,000 0.25 (4) GROSS RECEIPTS OR SALE. FOR PURPOSES OF THIS SECTION, GROSS RECEIPTS OR SALES ARE AS REPORTED ON THE ELIGIBLE MANUFACTURER'S FEDERAL INCOME TAX RETURN. FOR A SHORT TAX PERIOD, THE GROSS RECEIPTS OR SALES IS EQUAL TO THE PRODUCT OF (A) THE TOTAL GROSS RECEIPTS OR SALES FOR THE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11160-01-5
2015-A7893A (ACTIVE) - Details
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L
2015-A7893A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7893--A 2015-2016 Regular Sessions I N A S S E M B L Y May 29, 2015 ___________ Introduced by M. of A. STIRPE -- read once and referred to the Committee on Ways and Means -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to establishing a shipping cost tax credit THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 606 of the tax law is amended by adding a new subsection (ccc) to read as follows: (CCC) SHIPPING COST TAX CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER THAT IS AN OWNER OF AN ELIGIBLE MANUFACTURER, AND IS SUBJECT TO TAX UNDER THIS ARTICLE, SHALL BE ALLOWED A CREDIT AGAINST SUCH TAX, PURSUANT TO THE PROVISIONS OF THIS SUBSECTION, TO BE COMPUTED AS HEREINAFTER PROVIDED. (2) GROSS RECEIPTS OR SALE. FOR PURPOSES OF THIS SECTION, GROSS RECEIPTS OR SALES ARE AS REPORTED ON THE ELIGIBLE MANUFACTURER'S FEDERAL INCOME TAX RETURN. FOR A SHORT TAX PERIOD, THE GROSS RECEIPTS OR SALES IS EQUAL TO THE PRODUCT OF (A) THE TOTAL GROSS RECEIPTS OR SALES FOR THE SHORT TAX PERIOD DIVIDED BY THE NUMBER OF MONTHS IN THE SHORT TAX PERI- OD, AND (B) TWELVE. (3) AMOUNT OF CREDIT. THE AMOUNT OF CREDIT SHALL EQUAL THE SUM OF ALL ELIGIBLE SHIPPING COSTS INCURRED WITHIN THE TAX YEAR FOR THE SHIPMENT OF PRODUCT MANUFACTURED IN NEW YORK STATE BY AN ELIGIBLE MANUFACTURER TO LOCATIONS OUTSIDE OF NEW YORK STATE, BUT WITHIN THE CONTINENTAL UNITED STATES. (4) ELIGIBLE SHIPPING COSTS. THE TERM "ELIGIBLE SHIPPING COSTS" MEANS ALL COSTS OF SHIPPING PRODUCT MANUFACTURED BY A BUSINESS IN NEW YORK STATE AND SHIPPED TO A LOCATION OUTSIDE OF NEW YORK STATE, BUT WITHIN THE CONTINENTAL UNITED STATES, FOR SALE TO AN ENTITY FOR THE PURPOSE OF INCORPORATING SUCH SHIPPED PRODUCT INTO A CONSUMER GOOD. THE PURCHASING ENTITY SHALL NOT BE A "RELATED PERSON" TO THE SELLING ENTITY AS SUCH EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11160-03-5
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