NY State Senate Bill 2017-S5151A

Senate Bill S5151A

2017-2018 Legislative Session

Increases from 20% to 100% the portion of real property taxes that a manufacturer may take as a business franchise or personal income tax credit

download bill text pdf

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

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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 31, 2018	print number 5151a
Jan 31, 2018	amend (t) and recommit to investigations and government operations
Jan 03, 2018	referred to investigations and government operations
Mar 09, 2017	referred to investigations and government operations

Bill Amendments

Original

A (Active)

2017-S5151 - Details

See Assembly Version of this Bill:: A10701
Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:: 2019-2020: A4150
2021-2022: A5497
2023-2024: A5441
2025-2026: A6850

2017-S5151 - Summary

Increases from 20% to 100% the portion of real property taxes that a manufacturer may take as a business franchise or personal income tax credit.

2017-S5151 - Sponsor Memo

                                 BILL NUMBER:  S5151

 TITLE OF BILL :  An act to amend the tax law, in relation to
increasing the amount of the business franchise and person a income
tax credits for real property taxes paid by qualified manufacturers

 PURPOSE :

Increases from 20% to 100% the portion of real property taxes that a
manufacturer may take as a business franchise or personal income tax
credit.

 SUMMARY OF SPECIFIC PROVISIONS :

§ 1. Amends Section 210-B of the tax law to increase the manufacturer
real property tax credit from 20% to 100%.

§ 2 Amends Section 606 of the tax law to increase the manufacturer
real property tax credit from 20% to 100%.

§ 3 Effective date.

 JUSTIFICATION :

In the manufacturing industry and in business in general, many
expenses need to be covered to keep the doors open and people

employed. One of the largest expenses, one that a business owner has
no real control over, is their property taxes. Rising costs for doing
in business in New York is forcing manufacturing firms either to let
people go or to shut down entirely. One way the State has looked to
combat this issue is by allowing qualified manufacturing firms to get
a credit equal to 20% of their property tax bill.

This bill looks to build on this by increasing the tax credit to 100%.
This credit will provide a greater incentive for manufacturing firms
to stay in the state as well as be a continuous invitation for current
manufacturing business outside of the state to move here. In turn,
these new business will be creating new jobs, added wages for New York
residents, added revenue back in to the state economy, and an overall
increase in quality of life for the communities where manufacturing
businesses may choose to relocate in or choose to stay and grow in.

 LEGISLATIVE HISTORY :

New Legislation.

 FISCAL IMPLICATIONS :

To be determined.

 EFFECTIVE DATE :
This act shall take effect immediately and shall apply to the taxable
years commencing on or after January 1, 2017.

2017-S5151 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5151
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               March 9, 2017
                                ___________
 
 Introduced  by  Sen. VALESKY -- 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 increasing the amount of the
   business franchise and person a income tax credits for  real  property
   taxes paid by qualified manufacturers

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (a) of subdivision 43 of section 210-B of the tax
 law, as added by section 17 of part A of chapter 59 of the laws of 2014,
 is amended to read as follows:
   (a) A qualified New York manufacturer, as defined in subparagraph (vi)
 of paragraph (a) of subdivision one of section two hundred ten  of  this
 article,  will be allowed a credit equal to [twenty] ONE HUNDRED percent
 of the real property tax it paid during the taxable year for real  prop-
 erty  owned  by such manufacturer in New York which was principally used
 during the taxable year for manufacturing to the extent not deducted  in
 determining    entire net income. This credit will not be allowed if the
 real property taxes that are the basis for this credit are  included  in
 the calculation of another credit claimed by the taxpayer.
   §  2. Paragraph 1 of subsection (xx) of section 606 of the tax law, as
 amended by section 8 of part I of chapter 59 of the  laws  of  2015,  is
 amended to read as follows:
   (1)  A  qualified New York manufacturer will be allowed a credit equal
 to [twenty] ONE HUNDRED percent of the real property tax it paid  during
 the  taxable  year  for  real property owned by such manufacturer in New
 York which was principally used during the taxable year for  manufactur-
 ing  to  the  extent  not  deducted in computing New York adjusted gross
 income. This credit will not be allowed if the real property taxes  that
 are the basis for this credit are included in the calculation of another
 credit claimed by the taxpayer.
   § 3. This act shall take effect immediately and shall apply to taxable
 years commencing on or after January 1, 2017.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09313-01-7

2017-S5151A (ACTIVE) - Details

See Assembly Version of this Bill:: A10701
Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:: 2019-2020: A4150
2021-2022: A5497
2023-2024: A5441
2025-2026: A6850

2017-S5151A (ACTIVE) - Summary

Increases from 20% to 100% the portion of real property taxes that a manufacturer may take as a business franchise or personal income tax credit.

2017-S5151A (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S5151A

SPONSOR: VALESKY
 
TITLE OF BILL:

An act to amend the tax law, in relation to increasing the amount of the
business franchise and person a income tax credits for real property
taxes paid by qualified manufacturers

 
PURPOSE:

Increases from 20% to 100% the portion of real property taxes that a
manufacturer may take as a business franchise or personal income tax
credit.

 
SUMMARY OF SPECIFIC PROVISIONS:

§ 1. Amends Section 210-B of the tax law to increase the manufacturer
real property tax credit from 20% to 100%.

§ 2 Amends Section 606 of the tax law to increase the manufacturer real

property tax credit from 20% to 100%.

§ 3 Effective date.

 
JUSTIFICATION:

In the manufacturing industry and in business in general, many expenses
need to be covered to keep the doors open and people employed. One of
the largest expenses, one that a business owner has no real control
over, is their property taxes. Rising costs for doing in business in New
York is forcing manufacturing firms either to let people go or to shut
down entirely. One way the State has looked to combat this issue is by
allowing qualified manufacturing firms to get a credit equal to 20% of
their property tax bill.

This bill looks to build on this by increasing the tax credit to 100%.
This credit will provide a greater incentive for manufacturing firms to
stay in the state as well as be a continuous invitation for current
manufacturing business outside of the state to move here. In turn, these
new business will be creating new jobs, added wages for New York resi-
dents, added revenue back in to the state economy, and an overall
increase in quality of life for the communities where manufacturing
businesses may choose to relocate in or choose to stay and grow in.

 
LEGISLATIVE HISTORY:

New Legislation.

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect immediately and shall apply to the taxable
years commencing on or after January 1, 2018.

2017-S5151A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5151--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               March 9, 2017
                                ___________
 
 Introduced  by  Sen. VALESKY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Investigations and Govern-
   ment Operations -- 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 increasing the amount of the
   business  franchise  and personal income tax credits for real property
   taxes paid by qualified manufacturers
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (a) of subdivision 43 of section 210-B of the tax
 law, as added by section 17 of part A of chapter 59 of the laws of 2014,
 is amended to read as follows:
   (a) A qualified New York manufacturer, as defined in subparagraph (vi)
 of  paragraph  (a) of subdivision one of section two hundred ten of this
 article, will be allowed a credit equal to [twenty] ONE HUNDRED  percent
 of  the real property tax it paid during the taxable year for real prop-
 erty owned by such manufacturer in New York which was  principally  used
 during  the taxable year for manufacturing to the extent not deducted in
 determining  entire net income. This credit will not be allowed  if  the
 real  property  taxes that are the basis for this credit are included in
 the calculation of another credit claimed by the taxpayer.
   § 2. Paragraph 1 of subsection (xx) of section 606 of the tax law,  as
 amended  by  section  8  of part I of chapter 59 of the laws of 2015, is
 amended to read as follows:
   (1) A qualified New York manufacturer will be allowed a  credit  equal
 to  [twenty] ONE HUNDRED percent of the real property tax it paid during
 the taxable year for real property owned by  such  manufacturer  in  New
 York  which was principally used during the taxable year for manufactur-
 ing to the extent not deducted in  computing  New  York  adjusted  gross
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD09313-03-8

 S. 5151--A                          2
 
 income.  This credit will not be allowed if the real property taxes that
 are the basis for this credit are included in the calculation of another
 credit claimed by the taxpayer.
   § 3. This act shall take effect immediately and shall apply to taxable
 years commencing on or after January 1, 2018.

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