S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3816

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            January 28, 2009
                               ___________

Introduced  by  M.  of A. CORWIN, ERRIGO, GIGLIO, KOLB, QUINN, WALKER --
  Multi-Sponsored by -- M. of A. BACALLES,  BARCLAY,  BURLING,  CALHOUN,
  CROUCH,  DUPREY,  McDONOUGH,  MOLINARO,  RABBITT, REILICH, TOWNSEND --
  read once and referred to the Committee on Economic  Development,  Job
  Creation, Commerce and Industry

AN ACT to amend the economic development law and tax law, in relation to
  creating a tax credit for manufacturing companies that have one estab-
  lished  place of business in the state and relocate a minimum of fifty
  employees from outside the state to the state

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  The  economic  development law is amended by adding a new
section 107 to read as follows:
  S 107. ENCOURAGE MANUFACTURING JOBS. 1. THE COMMISSIONER SHALL PROMOTE
THE LOCATION AND DEVELOPMENT OF NEW BUSINESSES IN THE STATE BY ENCOURAG-
ING MANUFACTURING COMPANIES THAT ALREADY HAVE AT LEAST  ONE  ESTABLISHED
PLACE  OF  BUSINESS IN THE STATE AND BRING AT LEAST FIFTY EMPLOYEES FROM
AN OUT OF STATE LOCATION TO THE STATE  FOR  THE  PURPOSES  OF  EXPANDING
THEIR MANUFACTURING COMPANY.
  2.  THE  COMMISSIONER SHALL DETERMINE WHAT COMPANIES QUALIFY FOR A TAX
CREDIT PURSUANT TO SECTION ONE HUNDRED EIGHTY-SEVEN-O OF  THE  TAX  LAW,
BUT  ONLY MANUFACTURING COMPANIES THAT BRING LONG TERM JOBS TO THE STATE
SHALL BE ELIGIBLE FOR SUCH CREDIT, PROVIDED THAT:
  (A) THE COMMISSIONER SHALL HAVE THE  POWER  TO  DEFINE  AND  DETERMINE
WHICH JOBS ARE "LONG TERM"; AND
  (B) NOTWITHSTANDING PARAGRAPH (A) OF THIS SUBDIVISION, A MANUFACTURING
COMPANY  THAT  LOSES  ITS  CONTRACT, CLOSES A FACILITY OR SUFFERS FROM A
CATASTROPHIC EVENT AS DETERMINED BY THE COMMISSIONER SHALL NOT BE DEEMED
INELIGIBLE FOR SUCH CREDIT.
  S 2. The tax law is amended by adding a new section 187-o to  read  as
follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06074-01-9
              

A. 3816                             2

  S  187-O.  MANUFACTURING JOBS INCENTIVE CREDIT. 1. GENERAL. A TAXPAYER
SHALL BE ALLOWED A ONE TIME CREDIT, TO BE  CREDITED  AGAINST  THE  TAXES
IMPOSED   UNDER   SECTIONS   ONE   HUNDRED   EIGHTY-THREE,  ONE  HUNDRED
EIGHTY-FOUR, AND ONE HUNDRED EIGHTY-FIVE OF THIS ARTICLE.  SUCH  CREDIT,
TO  BE  COMPUTED AS HEREINAFTER PROVIDED, SHALL BE ALLOWED FOR QUALIFIED
MANUFACTURING COMPANIES PURSUANT TO SECTION ONE  HUNDRED  SEVEN  OF  THE
ECONOMIC  DEVELOPMENT  LAW.  PROVIDED,  HOWEVER, THAT THE AMOUNT OF SUCH
CREDIT ALLOWABLE AGAINST THE TAX IMPOSED BY SECTION ONE HUNDRED  EIGHTY-
FOUR  OF  THIS ARTICLE SHALL BE THE EXCESS OF THE CREDIT ALLOWED BY THIS
SECTION OVER THE AMOUNT OF SUCH CREDIT ALLOWABLE AGAINST THE TAX IMPOSED
BY SECTION ONE HUNDRED EIGHTY-THREE OF THIS ARTICLE.
  2. AMOUNT OF CREDIT. THE AMOUNT OF THE CREDIT UNDER THIS SECTION SHALL
BE 2.5 PERCENT OF THE AVERAGE SALARIES OF THE NEWLY CREATED  MANUFACTUR-
ING  JOBS MULTIPLIED BY THE NUMBER OF NEW JOBS BROUGHT INTO THE STATE BY
SUCH COMPANIES.
  3. CARRYOVER. IN NO EVENT SHALL  THE  CREDIT  UNDER  THIS  SECTION  BE
ALLOWED  IN AN AMOUNT WHICH WILL REDUCE THE TAX PAYABLE TO LESS THAN THE
APPLICABLE MINIMUM TAX FIXED BY SECTION ONE HUNDRED EIGHTY-THREE OR  ONE
HUNDRED  EIGHTY-FIVE  OF THIS ARTICLE. IF, HOWEVER, THE AMOUNT OF CREDIT
ALLOWABLE UNDER THIS SECTION FOR ANY TAXABLE YEAR  REDUCES  THE  TAX  TO
SUCH  AMOUNT,  ANY  AMOUNT OF CREDIT NOT DEDUCTIBLE IN SUCH TAXABLE YEAR
MAY BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS AND MAY  BE  DEDUCTED
FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
  S 3. This act shall take effect immediately and shall apply to taxable
years  beginning  on  or  after the first of January next succeeding the
date on which it shall have become a law; provided, however, that effec-
tive immediately, the addition, amendment and/or repeal of any  rule  or
regulation necessary for the implementation of this act on its effective
date  are  authorized and directed to be made and completed on or before
such effective date.