S T A T E O F N E W Y O R K
________________________________________________________________________
4803
2011-2012 Regular Sessions
I N A S S E M B L Y
February 8, 2011
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Introduced by M. of A. KOLB, TEDISCO, BUTLER, AMEDORE, CORWIN, CASTELLI
-- Multi-Sponsored by -- M. of A. BARCLAY, BOYLE, BURLING, CALHOUN,
CONTE, CROUCH, DUPREY, FINCH, FITZPATRICK, GIGLIO, HAWLEY, HAYES,
JORDAN, P. LOPEZ, McDONOUGH, McKEVITT, J. MILLER, MOLINARO, OAKS,
RABBITT, RAIA, REILICH, SALADINO, SAYWARD, THIELE, TOBACCO -- read
once and referred to the Committee on Economic Development
AN ACT to amend the economic development law, in relation to establish-
ing an incentive program for manufacturers that maintain or increase
employment, and to amend the tax law, in relation to establishing tax
credit incentives for manufacturing firms enrolled in the program
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Short title. This act shall be known and may be cited as
the "manufacturing preservation and enhancement act".
S 2. Legislative findings and intent. The legislature finds and deter-
mines that historically, manufacturing firms have helped to build our
state. Today, manufacturing jobs are an essential part of the state's
economy. Accordingly, the state should offer programs that foster growth
in this important sector of the state economy. The purpose of this
legislation is to establish a tax incentive program that would provide
tax credits to manufacturing firms that create new jobs in the manufac-
turing sector over a specified period of time.
S 3. The economic development law is amended by adding a new article
15 to read as follows:
ARTICLE 15
MANUFACTURING PRESERVATION AND ENHANCEMENT ACT
SECTION 270. DEFINITIONS.
271. MANUFACTURING PRESERVATION AND ENHANCEMENT PROGRAM.
272. SPECIAL PROVISIONS RELATING TO CERTIFIED MANUFACTURERS.
273. REPORTING.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05334-01-1
A. 4803 2
S 270. DEFINITIONS. AS USED IN THIS ARTICLE, THE FOLLOWING WORDS AND
TERMS SHALL HAVE THE FOLLOWING MEANINGS UNLESS THE CONTENT SHALL INDI-
CATE ANOTHER OR DIFFERENT MEANING OR INTENT:
1. "PROGRAM" SHALL MEAN THE MANUFACTURING PRESERVATION AND ENHANCEMENT
PROGRAM ESTABLISHED PURSUANT TO THIS ARTICLE.
2. "MANUFACTURING FIRM" SHALL MEAN AN ENTERPRISE, INCLUDING CORPORATE
ENTITIES, PARTNERSHIPS AND SOLE PROPRIETORS, ENGAGED IN THE BUSINESS OF
PRODUCTION OF GOODS AND PRODUCTS FROM RAW MATERIALS.
3. "BENCHMARK" SHALL MEAN A SPECIFIC NUMBER OF ELIGIBLE NEW JOBS
CREATED IN THE STATE PURSUANT TO THE PROGRAM.
4. "MEI" SHALL MEAN THE MANUFACTURING ENHANCEMENT INCENTIVE PROGRAM.
S 271. MANUFACTURING PRESERVATION AND ENHANCEMENT PROGRAM. 1. THERE IS
HEREBY CREATED A MANUFACTURING PRESERVATION AND ENHANCEMENT PROGRAM
WITHIN THE DEPARTMENT TO PROVIDE TECHNICAL AND FINANCIAL ASSISTANCE IN
THE FORM OF TAX INCENTIVES TO MANUFACTURING FIRMS THAT MEET SPECIFIED
BENCHMARKS IN JOB CREATION AS ESTABLISHED BY THE COMMISSIONER.
2. THE COMMISSIONER SHALL DETERMINE ELIGIBILITY REQUIREMENTS FOR
PARTICIPATION IN THE PROGRAM, PROVIDED, HOWEVER, THAT SUCH REQUIREMENTS
SHALL INCLUDE THE FOLLOWING:
(A) AN APPLICANT TO THE PROGRAM MAY NOT PARTICIPATE IN THE PROGRAM IF
DESIGNATED AS A CERTIFIED BUSINESS LOCATED IN AN EMPIRE ZONE CREATED
PURSUANT TO ARTICLE EIGHTEEN-B OF THE GENERAL MUNICIPAL LAW; AND
(B) AN APPLICANT THAT HAS PREVIOUSLY PARTICIPATED IN THE PROGRAM MAY
NOT REAPPLY FOR PARTICIPATION IN THE PROGRAM UNLESS IT CAN DOCUMENT THAT
AT THE TIME OF ITS REAPPLICATION FOR PARTICIPATION, IT HAS MAINTAINED A
LEVEL OF EMPLOYMENT AT LEAST AS GREAT AS THE HIGHEST LEVEL REQUIRED
DURING ITS PREVIOUS PARTICIPATION IN THE PROGRAM.
3. APPLICATIONS FOR PARTICIPATION IN THE MEI SHALL BE SUBMITTED BY
EACH MANUFACTURING FIRM SEEKING TO PARTICIPATE IN THE PROGRAM, AND SHALL
BE IN THE FORM AND CONTAIN SUCH INFORMATION, EXHIBITS AND SUPPORTING
DATA AS THE COMMISSIONER MAY PRESCRIBE. NO APPLICATIONS FOR PARTIC-
IPATION SHALL BE ACCEPTED AFTER DECEMBER THIRTY-FIRST, TWO THOUSAND
EIGHTEEN.
4. MANUFACTURING FIRMS INTERESTED IN PARTICIPATING IN THE MEI SHALL
SUBMIT AN APPLICATION TO THE PROGRAM. THE COMMISSIONER SHALL REVIEW ALL
APPLICATIONS FOR PARTICIPATION IN THE PROGRAM FOR ELIGIBILITY AND SHALL
REGISTER ELIGIBLE APPLICANTS. THE COMMISSIONER SHALL PROVIDE EACH REGIS-
TERED APPLICANT WITH BENCHMARKS IN JOB CREATION THAT MUST BE ACHIEVED BY
THE REGISTERED APPLICANT OVER THE FOLLOWING FIVE YEARS. SUCH BENCHMARKS
SHALL BE CONSISTENT WITH REGULATIONS TO BE PRESCRIBED BY THE COMMISSION-
ER. ANNUALLY, EACH REGISTERED APPLICANT SHALL SUBMIT TO THE COMMISSIONER
A REGISTRATION STATEMENT, TOGETHER WITH SUCH INFORMATION, EXHIBITS AND
SUPPORTING DATA AS THE COMMISSIONER MAY REQUIRE. UPON SUBMISSION OF THE
FIFTH ANNUAL REGISTRATION STATEMENT, THE COMMISSIONER SHALL REVIEW THE
REGISTERED APPLICANT'S FILE FOR ELIGIBILITY FOR THE TAX INCENTIVES. IF
THE REGISTERED APPLICANT HAS MET THE REQUIRED BENCHMARKS IN JOB
CREATION, THE COMMISSIONER SHALL PROVIDE A CERTIFICATE, VALID FOR THE
SUCCEEDING TWO TAX YEARS, CERTIFYING THAT THE REGISTERED APPLICANT IS
ELIGIBLE FOR TAX CREDITS PURSUANT TO THIS ARTICLE. THE MEI CERTIFICATE
SHALL INCLUDE A DESCRIPTION OF THE PROPERTY ELIGIBLE FOR THE PROPERTY
TAX BENEFIT AND SHALL SPECIFY THE EMPLOYMENT LEVEL AND TOTAL AMOUNT OF
EMPLOYEE GROSS SALARY ELIGIBLE FOR THE WAGE CREDIT.
S 272. SPECIAL PROVISIONS RELATING TO CERTIFIED MANUFACTURERS. DURING
THE TWO-YEAR CERTIFICATION PERIOD, CERTIFIED MANUFACTURING FIRMS SHALL
BE ELIGIBLE TO RECEIVE THE FOLLOWING TAX CREDITS:
A. 4803 3
1. AN MEI PROPERTY TAX CREDIT, WHICH SHALL BE COMPUTED PURSUANT TO
SECTION SEVEN HUNDRED OF THE TAX LAW;
2. AN MEI WAGE CREDIT, WHICH SHALL BE COMPUTED PURSUANT TO SECTION
SEVEN HUNDRED ONE OF THE TAX LAW; AND
3. AN MEI ENERGY CREDIT, WHICH SHALL BE COMPUTED PURSUANT TO SECTION
SEVEN HUNDRED TWO OF THE TAX LAW.
S 273. REPORTING. THE COMMISSIONER SHALL, ON OR BEFORE SEPTEMBER
FIRST, TWO THOUSAND THIRTEEN, AND ANNUALLY THEREAFTER, SUBMIT A REPORT
TO THE GOVERNOR, THE TEMPORARY PRESIDENT OF THE SENATE, THE SPEAKER OF
THE ASSEMBLY AND THE MINORITY LEADERS OF THE SENATE AND THE ASSEMBLY ON
THE OPERATION AND ACCOMPLISHMENTS OF THE PROGRAM PROVIDED FOR PURSUANT
TO THIS ARTICLE.
S 4. The tax law is amended by adding a new article 22-A to read as
follows:
ARTICLE 22-A
MANUFACTURING PRESERVATION AND ENHANCEMENT ACT
SECTION 700. MEI PROPERTY TAX CREDIT.
701. MEI WAGE TAX CREDIT.
702. MEI ENERGY TAX CREDIT.
S 700. MEI PROPERTY TAX CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER
RECEIVING AN MEI CERTIFICATE ISSUED AS DESCRIBED IN ARTICLE ELEVEN-A OF
THE ECONOMIC DEVELOPMENT LAW, AND THAT OR WHO IS SUBJECT TO PROPERTY
TAXES UNDER ARTICLE NINE-A OR ARTICLE TWENTY-TWO OF THIS CHAPTER, SHALL
BE ALLOWED A CREDIT AGAINST THE PROPERTY TAXES ASSESSED UNDER ARTICLE
NINE-A OR ARTICLE TWENTY-TWO OF THIS CHAPTER DURING THE TAX YEARS THAT
THE CERTIFICATE IS VALID, PROVIDED, AND TO THE EXTENT THAT, THE TAXES
ASSESSED CONSTITUTE ELIGIBLE REAL PROPERTY TAXES AS DEFINED IN
SUBSECTION (B) OF THIS SECTION. THE CREDIT SHALL BE COMPUTED PURSUANT TO
THE PROVISIONS OF SUBSECTION (C) OF THIS SECTION.
(B) DEFINITION. THE TERM "ELIGIBLE REAL PROPERTY TAXES" SHALL MEAN TAX
IMPOSED ON REAL PROPERTY WHICH HAS BEEN CERTIFIED AS MEI ELIGIBLE PROP-
ERTY PURSUANT TO ARTICLE FIFTEEN OF THE ECONOMIC DEVELOPMENT LAW. IN
ADDITION, THE TERM "ELIGIBLE REAL PROPERTY TAXES" INCLUDES PAYMENTS IN
LIEU OF TAXES MADE BY THE TAXPAYER TO THE STATE, A MUNICIPAL CORPORATION
OR A PUBLIC BENEFIT CORPORATION PURSUANT TO A WRITTEN AGREEMENT ENTERED
INTO BY THE TAXPAYER AND THE STATE, MUNICIPAL CORPORATION OR PUBLIC
BENEFIT CORPORATION.
(C) COMPUTATION OF PROPERTY TAX CREDIT. THE PROPERTY TAX CREDIT
DESCRIBED IN THIS SECTION SHALL BE A FLAT TEN PERCENT OF THE PROPERTY
TAX ASSESSED.
S 701. MEI WAGE TAX CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER
RECEIVING AN MEI CERTIFICATE ISSUED AS DESCRIBED IN ARTICLE FIFTEEN OF
THE ECONOMIC DEVELOPMENT LAW, AND THAT OR WHO IS SUBJECT TO TAXES UNDER
ARTICLE NINE-A OR ARTICLE TWENTY-TWO OF THIS CHAPTER, SHALL BE ALLOWED A
CREDIT AGAINST THE TAXES ASSESSED UNDER ARTICLE NINE-A OR ARTICLE TWEN-
TY-TWO OF THIS CHAPTER DURING THE TAX YEARS THAT THE CERTIFICATE IS
VALID. THE CREDIT SHALL BE COMPUTED PURSUANT TO THE PROVISIONS OF
SUBSECTION (C) OF THIS SECTION.
(B) DEFINITIONS. THE TERM "ELIGIBLE WAGES" SHALL MEAN THE TOTAL AMOUNT
OF EMPLOYEE GROSS SALARY ELIGIBLE FOR THE WAGE TAX CREDIT, AS SUCH
AMOUNT IS SPECIFIED IN THE MEI CERTIFICATE ISSUED PURSUANT TO ARTICLE
FIFTEEN OF THE ECONOMIC DEVELOPMENT LAW.
(C) COMPUTATION OF WAGE TAX CREDIT. 1. DURING THE FIRST TAX YEAR OF
THE TWO-YEAR PERIOD FOR WHICH A VALID MEI CERTIFICATE HAS BEEN ISSUED
PURSUANT TO ARTICLE FIFTEEN OF THE ECONOMIC DEVELOPMENT LAW, PROVIDED
THE TAXPAYER HAS MAINTAINED THE EMPLOYMENT AND ELIGIBLE WAGE REQUIRE-
A. 4803 4
MENTS SPECIFIED BY THE MEI, THE TAXPAYER SHALL BE ALLOWED A CREDIT OF
ONE AND ONE-HALF PERCENT OF THE TOTAL AMOUNT OF THE ELIGIBLE WAGES ACTU-
ALLY PAID BY THE TAXPAYER. IF THE TAXPAYER INCREASES EMPLOYMENT DURING
THIS TAX YEAR, AND EXCEEDS THE LEVEL OF EMPLOYMENT REQUIRED BY THE MEI,
HIRING AND MAINTAINING ADDITIONAL EMPLOYEES AND PAYING ADDITIONAL WAGES
OVER AND ABOVE THE ELIGIBLE WAGES AMOUNT, THE TAXPAYER SHALL BE ALLOWED
AN ADDITIONAL CREDIT OF TWO AND ONE-HALF PERCENT OF THE TOTAL AMOUNT BY
WHICH THE WAGES ACTUALLY PAID AS A RESULT OF THE INCREASED LEVEL OF
EMPLOYMENT EXCEED THE ELIGIBLE WAGES.
2. DURING THE SECOND TAX YEAR OF THE TWO-YEAR PERIOD FOR WHICH A VALID
MEI CERTIFICATE HAS BEEN ISSUED PURSUANT TO ARTICLE FIFTEEN OF THE
ECONOMIC DEVELOPMENT LAW, PROVIDED THE TAXPAYER HAS MAINTAINED THE
EMPLOYMENT AND ELIGIBLE WAGE REQUIREMENTS SPECIFIED BY THE MEI, THE
TAXPAYER SHALL BE ALLOWED A CREDIT OF ONE AND ONE-HALF PERCENT OF THE
TOTAL AMOUNT OF THE ELIGIBLE WAGES ACTUALLY PAID BY THE TAXPAYER; HOWEV-
ER, IF THE TAXPAYER INCREASED EMPLOYMENT IN THE PRECEDING TAX YEAR AND
CLAIMED THE TWO AND ONE-HALF PERCENT CREDIT FOR EMPLOYMENT AND PAYMENT
OF WAGES IN EXCESS OF THE MEI REQUIREMENTS, THE TAXPAYER SHALL BE
ALLOWED A CREDIT OF ONE AND ONE-HALF PERCENT OF THE TOTAL AMOUNT OF THE
ELIGIBLE WAGES ACTUALLY PAID BY THE TAXPAYER DURING THE PRECEDING TAX
YEAR, PROVIDED THE TAXPAYER HAS MAINTAINED THE INCREASED EMPLOYMENT AND
SALARY LEVELS. IF THE TAXPAYER AGAIN INCREASES EMPLOYMENT, HIRING AND
MAINTAINING ADDITIONAL EMPLOYEES AND PAYING ADDITIONAL WAGES OVER AND
ABOVE THE PREVIOUS TAX YEAR'S AMOUNT, THE TAXPAYER SHALL BE ALLOWED AN
ADDITIONAL CREDIT OF TWO AND ONE-HALF PERCENT OF THE TOTAL AMOUNT BY
WHICH THE WAGES ACTUALLY PAID AS A RESULT OF THE INCREASED LEVEL OF
EMPLOYMENT EXCEED THE WAGES SUBJECT TO THE ONE AND ONE-HALF PERCENT
CREDIT.
S 702. MEI ENERGY TAX CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER
RECEIVING AN MEI CERTIFICATE ISSUED AS DESCRIBED IN ARTICLE FIFTEEN OF
THE ECONOMIC DEVELOPMENT LAW, AND THAT OR WHO IS SUBJECT TO TAXES UNDER
ARTICLE NINE-A OR ARTICLE TWENTY-TWO OF THIS CHAPTER, SHALL BE ALLOWED A
CREDIT AGAINST THE TAXES ASSESSED UNDER ARTICLE NINE-A OR ARTICLE TWEN-
TY-TWO OF THIS CHAPTER DURING THE TAX YEARS THAT THE CERTIFICATE IS
VALID. THE CREDIT SHALL BE COMPUTED PURSUANT TO THE PROVISIONS OF
SUBSECTION (C) OF THIS SECTION.
(B) DEFINITION. THE TERM "ELIGIBLE ENERGY COSTS" SHALL MEAN THE
AMOUNTS PAID BY THE TAXPAYER FOR ELECTRICITY, NATURAL GAS, OR ANY OTHER
ENERGY PRODUCT OR SERVICE WHICH THE TAXPAYER HAS USED IN THE OPERATION
OF A MEI-CERTIFIED MANUFACTURING FIRM FACILITY PURSUANT TO ARTICLE
FIFTEEN OF THE ECONOMIC DEVELOPMENT LAW.
(C) COMPUTATION OF ENERGY CREDIT. 1. IF THE TAXPAYER HAS PAID ELIGIBLE
ENERGY COSTS DURING THE FIRST TAX YEAR OF THE TWO-YEAR PERIOD FOR WHICH
A VALID MEI CERTIFICATE HAS BEEN ISSUED PURSUANT TO ARTICLE FIFTEEN OF
THE ECONOMIC DEVELOPMENT LAW, PROVIDED THE TAXPAYER HAS MAINTAINED THE
EMPLOYMENT AND ELIGIBLE WAGES REQUIREMENTS SPECIFIED BY THE MEI, THE
TAXPAYER SHALL BE ALLOWED AN ENERGY CREDIT OF TWENTY-FIVE DOLLARS PER
EMPLOYEE REQUIRED BY THE MEI. IF THE TAXPAYER INCREASES EMPLOYMENT
DURING THIS TAX YEAR, AND EXCEEDS THE LEVEL OF EMPLOYMENT REQUIRED BY
THE MEI, HIRING AND MAINTAINING ADDITIONAL EMPLOYEES AND PAYING ADDI-
TIONAL WAGES OVER AND ABOVE THE ELIGIBLE WAGES AMOUNT, THE TAXPAYER
SHALL BE ALLOWED AN ADDITIONAL ENERGY CREDIT OF FIFTY DOLLARS PER EACH
ADDITIONAL EMPLOYEE. THE ENERGY TAX CREDIT SHALL NOT EXCEED THE AMOUNT
OF ELIGIBLE ENERGY COSTS ACTUALLY PAID BY THE TAXPAYER.
2. IF THE TAXPAYER HAS PAID ELIGIBLE ENERGY COSTS DURING THE SECOND
TAX YEAR OF THE TWO-YEAR PERIOD FOR WHICH A VALID MEI CERTIFICATE HAS
A. 4803 5
BEEN ISSUED PURSUANT TO ARTICLE FIFTEEN OF THE ECONOMIC DEVELOPMENT LAW,
PROVIDED THE TAXPAYER HAS MAINTAINED THE EMPLOYMENT AND ELIGIBLE WAGE
REQUIREMENTS SPECIFIED BY THE MEI, THE TAXPAYER SHALL BE ALLOWED AN
ENERGY CREDIT OF TWENTY-FIVE DOLLARS PER EMPLOYEE REQUIRED BY THE MEI;
HOWEVER, IF THE TAXPAYER INCREASED EMPLOYMENT DURING THE PRECEDING TAX
YEAR AND CLAIMED THE ADDITIONAL ENERGY TAX CREDIT OF FIFTY DOLLARS PER
ADDITIONAL EMPLOYEE, THE TAXPAYER SHALL BE ALLOWED A CREDIT OF
TWENTY-FIVE DOLLARS PER EMPLOYEE UP TO THE NUMBER OF EMPLOYEES CLAIMED
IN THE PREVIOUS TAX YEAR, PROVIDED THE TAXPAYER HAS MAINTAINED THE
INCREASED EMPLOYMENT AND WAGE LEVELS. IF THE TAXPAYER AGAIN INCREASES
EMPLOYMENT, HIRING ADDITIONAL EMPLOYEES AND PAYING ADDITIONAL WAGES OVER
AND ABOVE THE PREVIOUS TAX YEAR'S AMOUNTS, THE TAXPAYER SHALL BE ALLOWED
AN ADDITIONAL CREDIT OF FIFTY DOLLARS FOR EACH ADDITIONAL EMPLOYEE HIRED
DURING THE SECOND YEAR. THE ENERGY TAX CREDIT SHALL NOT EXCEED THE
AMOUNT OF ELIGIBLE ENERGY COSTS ACTUALLY PAID BY THE TAXPAYER.
S 5. Section 210 of the tax law is amended by adding three new subdi-
visions 43, 44 and 45 to read as follows:
43. MEI PROPERTY TAX CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER SHALL
BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION SEVEN HUNDRED
OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.
(B) CARRYOVERS. THE CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY
TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE
HIGHER OF THE AMOUNTS PRESCRIBED IN PARAGRAPHS (C) AND (D) OF SUBDIVI-
SION ONE OF THIS SECTION; PROVIDED, HOWEVER, IF THE AMOUNT OF THIS CRED-
IT ALLOWABLE UNDER THIS SECTION FOR ANY TAXABLE YEAR REDUCES TAX TO SUCH
AMOUNT, ANY AMOUNT OF THE CREDIT 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.
44. MEI WAGE TAX CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE
ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE, TO BE COMPUTED
AS PROVIDED IN SECTION SEVEN HUNDRED ONE OF THIS CHAPTER, AGAINST THE
TAX IMPOSED BY THIS ARTICLE.
(B) CARRYOVERS. THE CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY
TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE
HIGHER OF THE AMOUNTS PRESCRIBED IN PARAGRAPHS (C) AND (D) OF SUBDIVI-
SION ONE OF THIS SECTION; PROVIDED, HOWEVER, IF THE AMOUNT OF THIS CRED-
IT ALLOWABLE UNDER THIS SECTION FOR ANY TAXABLE YEAR REDUCES TAX TO SUCH
AMOUNT, ANY AMOUNT OF THE CREDIT 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.
45. MEI ENERGY TAX CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER SHALL
BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE, TO BE
COMPUTED AS PROVIDED IN SECTION SEVEN HUNDRED TWO OF THIS CHAPTER,
AGAINST THE TAX IMPOSED BY THIS ARTICLE.
(B) CARRYOVERS. THE CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY
TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE
HIGHER OF THE AMOUNTS PRESCRIBED IN PARAGRAPHS (C) AND (D) OF SUBDIVI-
SION ONE OF THIS SECTION; PROVIDED, HOWEVER, IF THE AMOUNT OF THIS CRED-
IT ALLOWABLE UNDER THIS SECTION FOR ANY TAXABLE YEAR REDUCES TAX TO SUCH
AMOUNT, ANY AMOUNT OF THE CREDIT 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.
S 6. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
of the tax law is amended by adding three new clauses (xxxii), (xxxiii)
and (xxxiv) to read as follows:
A. 4803 6
(XXXII) MEI PROPERTY TAX CREDIT AMOUNT OF MEI PROPERTY TAX CREDIT
UNDER SUBSECTION (SS) UNDER SUBDIVISION FORTY-THREE OF
SECTION TWO HUNDRED TEN
(XXXIII) MEI WAGE TAX CREDIT UNDER AMOUNT OF MEI WAGE CREDIT
SUBSECTION (TT) UNDER SUBDIVISION FORTY-FOUR OF
SECTION TWO HUNDRED TEN
(XXXIV) MEI ENERGY TAX CREDIT AMOUNT OF MEI ENERGY CREDIT
UNDER SUBSECTION (UU) UNDER SUBDIVISION FORTY-FIVE OF
SECTION TWO HUNDRED TEN
S 7. Section 606 of the tax law is amended by adding three new
subsections (ss), (tt) and (uu) to read as follows:
(SS) MEI PROPERTY TAX CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER
SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION SEVEN
HUNDRED OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.
(2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE
CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST
SHALL BE PAID THEREON.
(TT) MEI WAGE TAX CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE
ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION SEVEN HUNDRED
ONE OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.
(2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE
CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST
SHALL BE PAID THEREON.
(UU) MEI ENERGY TAX CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER SHALL
BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION SEVEN HUNDRED
TWO OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.
(2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE
CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST
SHALL BE PAID THEREON.
S 8. This act shall take effect on the one hundred eightieth day after
it shall have become a law and shall apply to taxable years beginning on
or after January 1, 2013 and before January 1, 2021; provided, however,
that 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 on or before such date.