|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to investigations and government operations|
|Feb 05, 2013||referred to investigations and government operations|
senate Bill S3562
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S3562 - Details
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
BILL NUMBER:S3562 TITLE OF BILL: An act to amend the tax law, in relation to phasing out the franchise tax on business corporations that are manufacturers PURPOSE OF BILL: This bill would phase out the corporate franchise tax over a two-year period on businesses which are manufacturers. SUMMARY OF SPECIFIC PROVISIONS: Section 1- Amends section 208 of the Tax Law by adding two new subdivisions 20 and 21 to define the terms "manufacturer" and "principally engaged." Section 2 -Amends section 209 of the Tax Law by adding a new subdivision 11 to provide that (a) for any taxable year beginning on or after Janu- ary 1, 2014, a manufacturer shall be exempt from 50% of the corporate franchise tax and (b) for any taxable year beginning on or after January 1, 2015, a manufacturer shall be exempt from all of the corporate fran- chise tax. Section 3 - Effective date. JUSTIFICATION: According to the most recent Economic Census information from the U S Census Bureau , in 2002 there were over 21,000 manufactur- ers employing more than 541,000 employees in New York State. The manufacturing industry is an important economic engine that fuels
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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