Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2016 |
referred to investigations and government operations |
Feb 20, 2015 |
referred to investigations and government operations |
Senate Bill S3882
2015-2016 Legislative Session
Sponsored By
(R, C) 53rd Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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
2015-S3882 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A3772
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §210-B, Tax L
- Versions Introduced in 2013-2014 Legislative Session:
-
S5262, A7136
2015-S3882 (ACTIVE) - Sponsor Memo
BILL NUMBER:S3882 TITLE OF BILL: An act to amend the tax law, in relation to creating a tax credit for New York state businesses that source materials and supplies manufactured by other New York state businesses PURPOSE: Relates to creating a tax credit for New York state businesses that source materials and supplies manufactured by other New York state businesses. SUMMARY OF PROVISIONS: Section 1 amends section 210 of the tax law, which adds a new subdivision 49 which creates a qualified products local sourcing tax credit; provides for definitions and specifications. Section 2 contains the effective date. JUSTIFICATION: New York state's manufacturers contribute more than $65 billion annually to New York's Gross Domestic Product and employ more than 800,000 state taxpayers. Additionally, manufacturing creates 2.5 related jobs in other sectors. New York state reaps tremendous
2015-S3882 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3882 2015-2016 Regular Sessions I N S E N A T E February 20, 2015 ___________ Introduced by Sen. GRIFFO -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to creating a tax credit for New York state businesses that source materials and supplies manufac- tured by other New York state businesses THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section. 1. Section 210-B of the tax law is amended by adding a new subdivision 49 to read as follows: 49. QUALIFIED PRODUCTS LOCAL SOURCING CREDIT. (A) BUSINESSES SUBJECT TO TAX LIABILITY UNDER ARTICLE NINE OR NINE-A OF THIS CHAPTER, PURCHAS- ING QUALIFIED PRODUCTS MAY CLAIM THE QUALIFIED PRODUCTS LOCAL SOURCING TAX CREDIT AGAINST ANY SUCH LIABILITY AT THE CLOSE OF THE TAX YEAR PROVIDED, HOWEVER, THAT THE UNUSED PORTION OF ANY TAX CREDIT CLAIMED SHALL NOT BE CARRIED FORWARD AND APPLIED IN ANOTHER TAX YEAR. (B) FOR THE PURPOSES OF THIS SECTION THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: (1) "QUALIFIED PRODUCTS" SHALL MEAN ANY MATERIALS, COMPONENTS, OR SUPPLIES WHETHER USED IN THE MANUFACTURING PROCESS OR OTHERWISE THAT ARE PRODUCED IN NEW YORK STATE BY A NEW YORK STATE BUSINESS; (2) "PRODUCER" IS AN INDIVIDUAL (WHETHER ACTING INDIVIDUALLY OR THROUGH A COOPERATIVE, CORPORATION, PARTNERSHIP, BUSINESS ASSOCIATION, OR EDUCATIONAL INSTITUTION) WHO IS A BUSINESS OR MANUFACTURER OF GOODS IN NEW YORK STATE, IT SHALL NOT HOWEVER INCLUDE A WHOLESALER OR DISTRIB- UTOR; (3) "PURCHASER" IS AN INDIVIDUAL (WHETHER ACTING INDIVIDUALLY OR THROUGH A COOPERATIVE, CORPORATION, PARTNERSHIP, BUSINESS ASSOCIATION, OR EDUCATIONAL INSTITUTION) WHO IS A BUSINESS OR MANUFACTURER OF GOODS IN NEW YORK STATE, IT SHALL NOT HOWEVER INCLUDE A WHOLESALER OR DISTRIB- UTOR; EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07211-01-5
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