Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 14, 2018 |
referred to ways and means delivered to assembly passed senate ordered to third reading cal.1796 committee discharged and committed to rules |
Feb 13, 2018 |
print number 7561a |
Feb 13, 2018 |
amend and recommit to investigations and government operations |
Jan 25, 2018 |
referred to investigations and government operations |
Senate Bill S7561A
2017-2018 Legislative Session
Sponsored By
(R, C) 58th Senate District
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
Votes
Bill Amendments
co-Sponsors
(R, C, IP) Senate District
(R, C, IP, RFM) Senate District
(R, C, IP) Senate District
(R) Senate District
2017-S7561 - Details
2017-S7561 - Sponsor Memo
BILL NUMBER: S7561 SPONSOR: O'MARA TITLE OF BILL: An act to amend the tax law, in relation to tax cred- its for qualified pass-through manufacturers PURPOSE OR GENERAL IDEA OF BILL: To extend the corporate franchise tax zero percent rate to all manufac- turers located in New York State. SUMMARY OF SPECIFIC PROVISIONS: Section one - amends subsection (b) of section 612 of the tax law by adding a new paragraph 43 to extend the corporate franchise tax zero percent rate to qualified pass-through manufacturers Section two - amends 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, by adding a new paragraph 44 to define qualified pass-through manufacturer
2017-S7561 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7561 I N S E N A T E January 25, 2018 ___________ Introduced by Sen. O'MARA -- 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 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
co-Sponsors
(R, C, IP) Senate District
(R, C, IP, RFM) Senate District
(R, C, IP) Senate District
(R) Senate District
2017-S7561A (ACTIVE) - Details
2017-S7561A (ACTIVE) - Sponsor Memo
BILL NUMBER: S7561A SPONSOR: O'MARA TITLE OF BILL: An act to amend the tax law, in relation to tax credits for qualified pass-through manufacturers PURPOSE OR GENERAL IDEA OF BILL: To extend the corporate franchise tax zero percent rate to all manufac- turers located in New York State. SUMMARY OF SPECIFIC PROVISIONS: Section one - amends subsection (b) of section 612 of the tax law by adding a new paragraph 43 to extend the corporate franchise tax zero percent rate to qualified pass-through manufacturers Section two - amends 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
2017-S7561A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7561--A I N S E N A T E January 25, 2018 ___________ Introduced by Sens. O'MARA, RITCHIE, AKSHAR, AMEDORE, CROCI, DeFRANCIS- CO, GOLDEN, HELMING, JACOBS, LARKIN, MARCHIONE, ORTT, SEWARD, VALESKY -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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