senate Bill S7561A

2017-2018 Legislative Session

Relates to tax credits for qualified pass-through manufacturers

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Archive: Last Bill Status - Passed Senate


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

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Actions

view actions (8)
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

Co-Sponsors

view additional co-sponsors

S7561 - Details

See Assembly Version of this Bill:
A10121
Law Section:
Tax Law
Laws Affected:
Amd §§612 & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2019-2020: S1596, A636
2021-2022: A3734

S7561 - Summary

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

S7561 - Sponsor Memo

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

view additional co-sponsors

S7561A (ACTIVE) - Details

See Assembly Version of this Bill:
A10121
Law Section:
Tax Law
Laws Affected:
Amd §§612 & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2019-2020: S1596, A636
2021-2022: A3734

S7561A (ACTIVE) - Summary

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

S7561A (ACTIVE) - Sponsor Memo

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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