S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5605
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 10, 2017
                                ___________
 
 Introduced by M. of A. NORRIS -- 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:
   § 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.
   § 2. The tax law is amended by adding a new section 187-t to  read  as
 follows:
   §  187-T.  MANUFACTURING JOBS INCENTIVE CREDIT. 1. GENERAL. A TAXPAYER
 SHALL BE ALLOWED A ONE TIME CREDIT, TO BE  CREDITED  AGAINST  THE  TAXES
 IMPOSED  UNDER  SECTIONS  ONE  HUNDRED EIGHTY-THREE, ONE HUNDRED EIGHTY-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD09668-01-7

 A. 5605                             2
 
 FOUR, AND ONE HUNDRED EIGHTY-FIVE OF THIS ARTICLE. SUCH  CREDIT,  TO  BE
 COMPUTED  AS  HEREINAFTER PROVIDED, SHALL BE ALLOWED FOR QUALIFIED MANU-
 FACTURING COMPANIES PURSUANT TO SECTION ONE HUNDRED SEVEN OF THE ECONOM-
 IC  DEVELOPMENT  LAW.  PROVIDED, HOWEVER, THAT THE AMOUNT OF SUCH CREDIT
 ALLOWABLE AGAINST THE TAX IMPOSED BY SECTION ONE HUNDRED EIGHTY-FOUR  OF
 THIS  ARTICLE  SHALL BE THE EXCESS OF THE CREDIT ALLOWED BY THIS SECTION
 OVER THE AMOUNT OF SUCH CREDIT ALLOWABLE  AGAINST  THE  TAX  IMPOSED  BY
 SECTION ONE HUNDRED EIGHTY-THREE OF THIS ARTICLE.
   2. AMOUNT OF CREDIT. THE AMOUNT OF THE CREDIT UNDER THIS SECTION SHALL
 BE  2.5 PERCENT OF THE AVERAGE SALARIES OF THE NEWLY CREATED MANUFACTUR-
 ING JOBS MULTIPLIED BY THE NUMBER OF NEW JOBS BROUGHT INTO THE STATE  BY
 SUCH COMPANIES.
   3.  CARRYOVER.  IN  NO  EVENT  SHALL  THE CREDIT UNDER THIS SECTION BE
 ALLOWED IN AN AMOUNT WHICH WILL REDUCE THE TAX PAYABLE TO LESS THAN  THE
 APPLICABLE  MINIMUM TAX FIXED BY SECTION ONE HUNDRED EIGHTY-THREE OR ONE
 HUNDRED EIGHTY-FIVE OF THIS ARTICLE. IF, HOWEVER, THE AMOUNT  OF  CREDIT
 ALLOWABLE  UNDER  THIS  SECTION  FOR ANY TAXABLE YEAR REDUCES THE TAX TO
 SUCH AMOUNT, ANY AMOUNT OF CREDIT NOT DEDUCTIBLE IN  SUCH  TAXABLE  YEAR
 MAY  BE  CARRIED OVER TO THE FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED
 FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
   § 3. This act shall take effect immediately and shall apply to taxable
 years beginning on or after the first of  January  next  succeeding  the
 date on which it shall have become a law; provided, however, that effec-
 tive  immediately,  the addition, amendment and/or repeal of any rule or
 regulation necessary for the implementation of this act on its effective
 date are authorized and directed to be made and completed on  or  before
 such effective date.