Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2016 |
referred to ways and means |
Mar 24, 2015 |
referred to ways and means |
Assembly Bill A6422
2015-2016 Legislative Session
Sponsored By
RUSSELL
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
Actions
2015-A6422 (ACTIVE) - Details
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L
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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