senate Bill S3562

2013-2014 Legislative Session

Phases out the franchise tax on business corporations which are manufacturers over a two-year period

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Sponsored By

Archive: Last Bill Status - In Senate Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to investigations and government operations
Feb 05, 2013 referred to investigations and government operations

Co-Sponsors

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S3562 - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยงยง208 & 209, Tax L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S4162, S4172
2009-2010: S4102A

S3562 - Summary

Phases out the franchise tax on business corporations that are manufacturers over a two-year period; defines terms "manufacturer" and "principally engaged".

S3562 - Sponsor Memo

S3562 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3562

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 5, 2013
                               ___________

Introduced  by  Sen.  O'MARA -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in relation to phasing  out  the  franchise
  tax on business corporations that are manufacturers

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 208 of the tax law is amended  by  adding  two  new
subdivisions 20 and 21 to read as follows:
  20.    THE  TERM "MANUFACTURER" SHALL MEAN A TAXPAYER WHICH DURING THE
TAXABLE YEAR IS PRINCIPALLY ENGAGED IN THE PRODUCTION OF GOODS BY  MANU-
FACTURING,  PROCESSING,  ASSEMBLING, REFINING, MINING, EXTRACTING, FARM-
ING, AGRICULTURE, HORTICULTURE, FLORICULTURE, VITICULTURE OR  COMMERCIAL
FISHING.  MOREOVER,  FOR  PURPOSES  OF  COMPUTING  THE CAPITAL BASE IN A
COMBINED REPORT, THE GROUP SHALL  BE  CONSIDERED  A  "MANUFACTURER"  FOR
PURPOSES  OF  THIS ARTICLE ONLY IF THE COMBINED GROUP DURING THE TAXABLE
YEAR IS PRINCIPALLY ENGAGED IN THE ACTIVITIES SET FORTH  IN THIS  SUBDI-
VISION, OR ANY COMBINATION THEREOF.
  21.    THE  TERM  "PRINCIPALLY  ENGAGED" SHALL INCLUDE A TAXPAYER OR A
COMBINED GROUP IF, DURING THE TAXABLE YEAR, MORE THAN FIFTY  PERCENT  OF
THE  GROSS RECEIPTS OF THE TAXPAYER OR COMBINED GROUP, RESPECTIVELY, ARE
DERIVED FROM RECEIPTS FROM THE SALE OF GOODS PRODUCED BY  MANUFACTURING.
IN  COMPUTING A COMBINED GROUP'S GROSS RECEIPTS, INTERCORPORATE RECEIPTS
SHALL BE ELIMINATED.
  S 2. Section 209 of the tax law is amended by adding a new subdivision
11 to read as follows:
  11. (A) FOR ANY TAXABLE YEAR BEGINNING ON OR AFTER JANUARY FIRST,  TWO
THOUSAND FOURTEEN, A TAXPAYER WHO IS A MANUFACTURER SHALL BE EXEMPT FROM
FIFTY PERCENT OF ALL TAXES IMPOSED BY THIS ARTICLE.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06767-01-3

S. 3562                             2

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