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

                                  3703

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 27, 2015
                               ___________

Introduced  by  M.  of A. CORWIN, GIGLIO, KOLB, MONTESANO, RAIA, TENNEY,
  McLAUGHLIN -- Multi-Sponsored by -- M. of A. BARCLAY, CERETTO, CROUCH,
  DUPREY, GOODELL, JOHNS, McDONOUGH, McKEVITT, PALMESANO, SALADINO, STEC
  -- read once and referred to the Committee on Economic Development

AN ACT to amend the  economic  development  law  and  the  tax  law,  in
  relation  to  creating  a  tax credit for manufacturing companies that
  have one established place of business in the  state  and  relocate  a
  minimum of fifty employees from outside the state into 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-T 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-t to read as
follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04584-01-5

              

A. 3703                             2

  S 187-T. 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.