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Senate Bill S3882

2015-2016 Legislative Session

Relates to creating a tax credit for New York state businesses that source materials and supplies manufactured by other New York state businesses

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Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

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2015-S3882 (ACTIVE) - Details

See Assembly Version of this Bill:
A3772
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง210-B, Tax L
Versions Introduced in 2013-2014 Legislative Session:
S5262, A7136

2015-S3882 (ACTIVE) - Summary

Relates to creating a tax credit for New York state businesses that source materials and supplies manufactured by other New York state businesses.

2015-S3882 (ACTIVE) - Sponsor Memo

2015-S3882 (ACTIVE) - Bill Text download pdf 

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

                                  3882

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            February 20, 2015
                               ___________

Introduced  by  Sen.  GRIFFO -- 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 creating a  tax  credit  for
  New  York state businesses that source materials and supplies manufac-
  tured by other New York state businesses

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

  Section.  1.  Section  210-B of the tax law is amended by adding a new
subdivision 49 to read as follows:
  49. QUALIFIED PRODUCTS LOCAL SOURCING CREDIT. (A)  BUSINESSES  SUBJECT
TO  TAX LIABILITY UNDER ARTICLE NINE OR NINE-A OF THIS CHAPTER, PURCHAS-
ING QUALIFIED PRODUCTS MAY CLAIM THE QUALIFIED PRODUCTS  LOCAL  SOURCING
TAX  CREDIT  AGAINST  ANY  SUCH  LIABILITY  AT THE CLOSE OF THE TAX YEAR
PROVIDED, HOWEVER, THAT THE UNUSED PORTION OF  ANY  TAX  CREDIT  CLAIMED
SHALL NOT BE CARRIED FORWARD AND APPLIED IN ANOTHER TAX YEAR.
  (B)  FOR  THE  PURPOSES OF THIS SECTION THE FOLLOWING TERMS SHALL HAVE
THE FOLLOWING MEANINGS:
  (1) "QUALIFIED PRODUCTS" SHALL  MEAN  ANY  MATERIALS,  COMPONENTS,  OR
SUPPLIES WHETHER USED IN THE MANUFACTURING PROCESS OR OTHERWISE THAT ARE
PRODUCED IN NEW YORK STATE BY A NEW YORK STATE BUSINESS;
  (2)  "PRODUCER"  IS  AN  INDIVIDUAL  (WHETHER  ACTING  INDIVIDUALLY OR
THROUGH A COOPERATIVE, CORPORATION, PARTNERSHIP,  BUSINESS  ASSOCIATION,
OR  EDUCATIONAL  INSTITUTION) WHO IS A BUSINESS OR MANUFACTURER OF GOODS
IN NEW YORK STATE, IT SHALL NOT HOWEVER INCLUDE A WHOLESALER OR DISTRIB-
UTOR;
  (3) "PURCHASER" IS  AN  INDIVIDUAL  (WHETHER  ACTING  INDIVIDUALLY  OR
THROUGH  A  COOPERATIVE, CORPORATION, PARTNERSHIP, BUSINESS ASSOCIATION,
OR EDUCATIONAL INSTITUTION) WHO IS A BUSINESS OR MANUFACTURER  OF  GOODS
IN NEW YORK STATE, IT SHALL NOT HOWEVER INCLUDE A WHOLESALER OR DISTRIB-
UTOR;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07211-01-5

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