Senate Bill S5487A

2015-2016 Legislative Session

Establishes a shipping cost tax credit

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Sponsored By

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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Bill Amendments

co-Sponsors

2015-S5487 - Details

See Assembly Version of this Bill:
A7893
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

2015-S5487 - Summary

Establishes a shipping cost tax credit; defines eligible manufacturers and eligible shipping costs; establishes equation for determining amount of credit.

2015-S5487 - Sponsor Memo

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

2015-S5487A - Details

See Assembly Version of this Bill:
A7893
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

2015-S5487A - Summary

Establishes a shipping cost tax credit; defines eligible manufacturers and eligible shipping costs; establishes equation for determining amount of credit.

2015-S5487A - Sponsor Memo

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

2015-S5487B (ACTIVE) - Details

See Assembly Version of this Bill:
A7893
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

2015-S5487B (ACTIVE) - Summary

Establishes a shipping cost tax credit; defines eligible manufacturers and eligible shipping costs; establishes equation for determining amount of credit.

2015-S5487B (ACTIVE) - Sponsor Memo

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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