Assembly Bill A3703

2015-2016 Legislative Session

Creates a tax credit for manufacturing companies that have one established place of business in the state and relocate at least fifty employees from outside the state

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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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2015-A3703 (ACTIVE) - Details

Current Committee:
Assembly Economic Development
Law Section:
Economic Development Law
Laws Affected:
Add §107, Ec Dev L; add §187-t, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A3816
2011-2012: A4595
2013-2014: A4406
2017-2018: A5605
2019-2020: A3376
2021-2022: A3863
2023-2024: A2271

2015-A3703 (ACTIVE) - Summary

Creates a tax credit for manufacturing companies that have one established place of business in the state and relocate a minimum of fifty employees from outside the state to the state; provides that manufacturing companies shall be allowed a credit in the amount of 2.5 percent of the average salaries of newly created manufacturing jobs multiplied by number of new jobs brought to the state.

2015-A3703 (ACTIVE) - Bill Text download pdf

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

                                  3703

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 27, 2015
                               ___________

Introduced  by  M.  of A. CORWIN, GIGLIO, KOLB, MONTESANO, RAIA, TENNEY,
  McLAUGHLIN -- Multi-Sponsored by -- M. of A. BARCLAY, CERETTO, CROUCH,
  DUPREY, GOODELL, JOHNS, McDONOUGH, McKEVITT, PALMESANO, SALADINO, STEC
  -- read once and referred to the Committee on Economic Development

AN ACT to amend the  economic  development  law  and  the  tax  law,  in
  relation  to  creating  a  tax credit for manufacturing companies that
  have one established place of business in the  state  and  relocate  a
  minimum of fifty employees from outside the state into the state

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

  Section 1. The economic development law is amended  by  adding  a  new
section 107 to read as follows:
  S 107. ENCOURAGE MANUFACTURING JOBS. 1. THE COMMISSIONER SHALL PROMOTE
THE LOCATION AND DEVELOPMENT OF NEW BUSINESSES IN THE STATE BY ENCOURAG-
ING  MANUFACTURING  COMPANIES THAT ALREADY HAVE AT LEAST ONE ESTABLISHED
PLACE OF BUSINESS IN THE STATE AND BRING AT LEAST FIFTY  EMPLOYEES  FROM
AN  OUT  OF  STATE  LOCATION  TO THE STATE FOR THE PURPOSES OF EXPANDING
THEIR MANUFACTURING COMPANY.
  2. THE COMMISSIONER SHALL DETERMINE WHAT COMPANIES QUALIFY FOR  A  TAX
CREDIT  PURSUANT  TO  SECTION ONE HUNDRED EIGHTY-SEVEN-T OF THE TAX LAW,
BUT ONLY MANUFACTURING COMPANIES THAT BRING LONG TERM JOBS TO THE  STATE
SHALL BE ELIGIBLE FOR SUCH CREDIT, PROVIDED THAT:
  (A)  THE  COMMISSIONER  SHALL  HAVE  THE POWER TO DEFINE AND DETERMINE
WHICH JOBS ARE "LONG TERM"; AND
  (B) NOTWITHSTANDING PARAGRAPH (A) OF THIS SUBDIVISION, A MANUFACTURING
COMPANY THAT LOSES ITS CONTRACT, CLOSES A FACILITY  OR  SUFFERS  FROM  A
CATASTROPHIC EVENT AS DETERMINED BY THE COMMISSIONER SHALL NOT BE DEEMED
INELIGIBLE FOR SUCH CREDIT.
  S  2.  The tax law is amended by adding a new section 187-t to read as
follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04584-01-5

              

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