Assembly Bill A2271

2023-2024 Legislative Session

Creates a tax credit for manufacturing companies that have one established place of business in the state and relocate at least fifty employees from outside the state

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Sponsored By

Current 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

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2023-A2271 (ACTIVE) - Details

Current Committee:
Assembly Economic Development
Law Section:
Economic Development Law
Laws Affected:
Add §107, Ec Dev L; add §187-r, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A3816
2011-2012: A4595
2013-2014: A4406
2015-2016: A3703
2017-2018: A5605
2019-2020: A3376
2021-2022: A3863

2023-A2271 (ACTIVE) - Summary

Creates 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 to the state; provides that manufacturing companies shall be allowed a credit in the amount of 2.5 percent of the average salaries of newly created manufacturing jobs multiplied by number of new jobs brought to the state.

2023-A2271 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2271
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 25, 2023
                                ___________
 
 Introduced  by  M.  of  A.  NORRIS,  DeSTEFANO, J. M. GIGLIO, MORINELLO,
   BRABENEC, HAWLEY, LEMONDES -- 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-R 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-r to  read  as
 follows:
   §  187-R.  MANUFACTURING JOBS INCENTIVE CREDIT. 1. GENERAL. A TAXPAYER
 SHALL BE ALLOWED A ONE TIME CREDIT, TO BE  CREDITED  AGAINST  THE  TAXES
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02313-01-3
              

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