S T A T E O F N E W Y O R K
________________________________________________________________________
3376
2019-2020 Regular Sessions
I N A S S E M B L Y
January 29, 2019
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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-Q 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-q to read as
follows:
§ 187-Q. 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 AND ONE HUNDRED EIGHTY-
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02959-01-9
A. 3376 2
FOUR OF THIS ARTICLE. SUCH CREDIT, TO BE COMPUTED AS HEREINAFTER
PROVIDED, SHALL BE ALLOWED FOR QUALIFIED MANUFACTURING COMPANIES PURSU-
ANT TO SECTION ONE HUNDRED SEVEN OF THE ECONOMIC 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 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 CRED-
IT 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.