S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3863
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 28, 2021
                                ___________
 
 Introduced  by  M.  of  A. NORRIS, DeSTEFANO, J. M. GIGLIO, MORINELLO --
   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.
              

                                                            LBD01601-01-1

 A. 3863                             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.   Effective  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
 to be made and completed on or before such effective date.