S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3376
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 29, 2019
                                ___________
 
 Introduced by M. of A. NORRIS -- 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:
   § 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-Q 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.
   § 2. The tax law is amended by adding a new section 187-q to  read  as
 follows:
   §  187-Q.  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 AND ONE HUNDRED EIGHTY-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD02959-01-9

 A. 3376                             2
 
 FOUR OF THIS  ARTICLE.  SUCH  CREDIT,  TO  BE  COMPUTED  AS  HEREINAFTER
 PROVIDED,  SHALL BE ALLOWED FOR QUALIFIED MANUFACTURING COMPANIES PURSU-
 ANT 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 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 CRED-
 IT  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.
   § 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.