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Assembly Bill A6422

2015-2016 Legislative Session

Provides that land leased from a relative shall be eligible for the personal income real property tax credit for manufacturers when the land is used for production of goods by farming or fishing

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Archive: Last Bill Status - In Assembly Committee

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2015-A6422 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L

2015-A6422 (ACTIVE) - Summary

Provides that land leased from a relative shall be eligible for the personal income real property tax credit for manufacturers when the land is used for the production of goods by farming, agriculture, horticulture, floriculture, viticulture or commercial fishing.

2015-A6422 (ACTIVE) - Bill Text download pdf 

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

                                  6422

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             March 24, 2015
                               ___________

Introduced  by M. of A. RUSSELL -- read once and referred to the Commit-
  tee on Ways and Means

AN ACT to amend the tax law, in relation to  the  personal  income  real
  property tax credit for manufacturers

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

  Section  1.  Clause  (ii)  of  subparagraph  (B)  of  paragraph  2  of
subsection  (xx) of section 606 of the tax law, as added by section 4 of
part R of chapter 59 of the laws of 2014, is amended to read as follows:
  (ii) In addition, the term real property tax includes  taxes  paid  by
the taxpayer upon real property principally used during the taxable year
by  the  taxpayer  in  manufacturing where the taxpayer leases such real
property from an unrelated third party if the following  conditions  are
satisfied:  (I)  the tax must be paid by the taxpayer as lessee pursuant
to explicit requirements in a written lease, and (II)  the  taxpayer  as
lessee  has  paid  such  taxes  directly to the taxing authority and has
received a written receipt for payment of taxes from the taxing authori-
ty. In the case of a combined group that  constitutes  a  qualified  New
York  manufacturer,  the conditions in the preceding sentence are satis-
fied if one corporation in the combined group is the lessee and  another
corporation  in  the  combined  group  makes  the payments to the taxing
authority.  IN THE CASE OF A TAXPAYER WHO DURING  THE  TAXABLE  YEAR  IS
PRINCIPALLY  ENGAGED IN THE PRODUCTION OF GOODS BY FARMING, AGRICULTURE,
HORTICULTURE, FLORICULTURE, VITICULTURE OR COMMERCIAL FISHING, THE LEASE
OF LAND FROM A RELATED PARTY SHALL NOT PRECLUDE ELIGIBILITY FOR THE REAL
PROPERTY TAX CREDIT FOR MANUFACTURERS.
  S 2. This act shall take effect immediately and  shall  apply  to  tax
years commencing on or after January 1, 2015.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09748-02-5

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