Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Mar 16, 2018 | referred to ways and means |
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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Co-Sponsors
Carrie Woerner
Robin Schimminger
Philip Palmesano
Raymond Walter
A10121 (ACTIVE) - Details
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