assembly Bill A10121

2017-2018 Legislative Session

Relates to tax credits for qualified pass-through manufacturers

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 16, 2018 referred to ways and means

Co-Sponsors

A10121 (ACTIVE) - Details

See Senate Version of this Bill:
S7561
Law Section:
Tax Law
Laws Affected:
Amd §§612 & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2019-2020: A636, S1596
2021-2022: A3734

A10121 (ACTIVE) - Summary

Relates to tax credits for qualified pass-through manufacturers; provides a definition for qualified pass-through manufacturers.

A10121 (ACTIVE) - Bill Text download pdf


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

                                  10121

                          I N  A S S E M B L Y

                             March 16, 2018
                               ___________

Introduced by M. of A. STIRPE -- read once and referred to the Committee
  on Ways and Means

AN  ACT  to  amend the tax law, in relation to tax credits for qualified
  pass-through manufacturers

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

  Section  1. Subsection (b) of section 612 of the tax law is amended by
adding a new paragraph 43 to read as follows:
  (43) ANY INCOME, GAIN,  LOSS  AND  DEDUCTION,  TO  THE  EXTENT  IT  IS
INCLUDED  IN  FEDERAL  ADJUSTED GROSS INCOME AND IS, COMBINED, LESS THAN
ZERO, OF AN INDIVIDUAL OR TRUST FROM A QUALIFIED  PASS-THROUGH  MANUFAC-
TURER,  AS  DEFINED  IN  PARAGRAPH  FORTY-FOUR OF SUBSECTION (C) OF THIS
SECTION.
  § 2. Paragraph 39 of subsection (c) of section 612 of the tax law,  as
added  by  section  1  of  part  Y of chapter 59 of the laws of 2013, is
amended and a new paragraph 44 is added to read as follows:
  (39) In the case of a taxpayer who is a small business who  has  busi-
ness  income  and/or  farm  income  as defined in the laws of the United
States, an amount equal to three percent of the  net  items  of  income,
gain,  loss and deduction attributable to such business or farm entering
into federal adjusted gross income, but not less than zero, for  taxable
years  beginning  after  two thousand thirteen, an amount equal to three
and three-quarters percent of the net items of income,  gain,  loss  and
deduction  attributable  to  such business or farm entering into federal
adjusted gross income, but not less than zero, for taxable years  begin-
ning after two thousand fourteen, and an amount equal to five percent of
the  net  items of income, gain, loss and deduction attributable to such
business or farm entering into federal adjusted gross  income,  but  not
less  than zero, for taxable years beginning after two thousand fifteen.
For the purposes of this paragraph, the term small business shall mean a
sole proprietor or a farm business  who  employs  one  or  more  persons
during  the  taxable  year  and  who has net business income or net farm
income of less than two hundred fifty thousand dollars. FOR THE PURPOSES
OF THIS PARAGRAPH, THE TERM SMALL BUSINESS SHALL  EXCLUDE  ANY  BUSINESS

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets