Assembly Bill A5497

2021-2022 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly 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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2021-A5497 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: A10701
2019-2020: A4150
2023-2024: A5441

2021-A5497 (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.

2021-A5497 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5497
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 19, 2021
                                ___________
 
 Introduced  by M. of A. PALMESANO, J. M. GIGLIO, HAWLEY, ASHBY, BLANKEN-
   BUSH, BRABENEC, MORINELLO, NORRIS, B. MILLER, REILLY, SALKA --  Multi-
   Sponsored  by -- M.  of A. BARCLAY, TAGUE -- read once and referred to
   the Committee on Ways and Means
 
 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
 income. This credit will not be allowed if the real property taxes  that

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08081-01-1

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