Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 05, 2016 |
print number 5487b |
Feb 05, 2016 |
amend and recommit to investigations and government operations |
Jan 06, 2016 |
referred to investigations and government operations |
Jun 08, 2015 |
print number 5487a |
Jun 08, 2015 |
amend and recommit to investigations and government operations |
May 14, 2015 |
referred to investigations and government operations |
Senate Bill S5487B
2015-2016 Legislative Session
Sponsored By
(R, C, IP) 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
Bill Amendments
co-Sponsors
(D, IP) Senate District
2015-S5487 - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L
2015-S5487 - Sponsor Memo
BILL NUMBER:S5487 TITLE OF BILL: An act to amend the tax law, in relation to establishing a shipping cost tax credit PURPOSE: This bill would establish a shipping cost tax credit. SUMMARY OF PROVISIONS: Section 1- Amends Section 606 of the tax law by adding a new subsection (ccc). Section 2 - Effective date JUSTIFICATION: Several businesses which are a part of the Empire Zone Program ship a significant percentage of the products they produce out of state. The benefits they realized under the Empire Zone Program offset their shipping costs which made it physically beneficial for them to remain in New York State. However, now that the Empire Zone Program will soon end there is no real cost incentive to those businesses to remain
2015-S5487 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5487 2015-2016 Regular Sessions I N S E N A T E May 14, 2015 ___________ Introduced by Sen. DeFRANCISCO -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11160-01-5
co-Sponsors
(D, IP) Senate District
2015-S5487A - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L
2015-S5487A - Sponsor Memo
BILL NUMBER:S5487A TITLE OF BILL: An act to amend the tax law, in relation to establishing a shipping cost tax credit PURPOSE: This bill would establish a shipping cost tax credit. SUMMARY OF PROVISIONS: Section 1- Amends Section 606 of the tax law by adding a new subsection (ccc). Section 2 - Effective date JUSTIFICATION: Many businesses which are located within the Empire Zone Program ship a significant percentage of the products they produce out of state. The benefits they realize under the Empire Zone Program offset those shipping costs which make it beneficial for them to remain located in New York State. However, now that the Empire Zone Program will soon end they will lose this incentive. That, coupled with the fact that other states continue to adopt tax benefit programs to lure those businesses out of New York, creates an incentive for these businesses
2015-S5487A - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5487--A 2015-2016 Regular Sessions I N S E N A T E May 14, 2015 ___________ Introduced by Sens. DeFRANCISCO, VALESKY -- read twice and ordered printed, and when printed to be committed to the Committee on Investi- gations and Government Operations -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11160-02-5
co-Sponsors
(D, IP) Senate District
2015-S5487B (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L
2015-S5487B (ACTIVE) - Sponsor Memo
BILL NUMBER: S5487B TITLE OF BILL : An act to amend the tax law, in relation to establishing a shipping cost tax credit PURPOSE : This bill would establish a shipping cost tax credit. SUMMARY OF PROVISIONS : Section 1 - Amends Section 606 of the tax law by adding a new subsection (ccc). Section 2 - Effective date JUSTIFICATION : Many businesses which are located within the Empire Zone Program ship a significant percentage of the products they produce out of state. The benefits they realize under the Empire Zone Program offset those shipping costs which make it beneficial for them to remain located in New York State. However, now that the Empire Zone Program ended they will lose this incentive. That, coupled with the fact that other
2015-S5487B (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5487--B 2015-2016 Regular Sessions I N S E N A T E May 14, 2015 ___________ Introduced by Sens. DeFRANCISCO, VALESKY -- read twice and ordered printed, and when printed to be committed to the Committee on Investi- gations and Government Operations -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee -- recommitted to the Committee on Investigations and Government Operations in accordance with Senate Rule 6, sec. 8 -- 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. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11160-04-6
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