S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2271
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 25, 2023
                                ___________
 
 Introduced  by  M.  of  A.  NORRIS,  DeSTEFANO, J. M. GIGLIO, MORINELLO,
   BRABENEC, HAWLEY, LEMONDES -- 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-R 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-r to  read  as
 follows:
   §  187-R.  MANUFACTURING JOBS INCENTIVE CREDIT. 1. GENERAL. A TAXPAYER
 SHALL BE ALLOWED A ONE TIME CREDIT, TO BE  CREDITED  AGAINST  THE  TAXES
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02313-01-3
              

 A. 2271                             2
 
 IMPOSED  UNDER SECTIONS ONE HUNDRED EIGHTY-THREE AND ONE HUNDRED EIGHTY-
 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.  Effective 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
 to be made and completed on or before such effective date.