S T A T E O F N E W Y O R K
________________________________________________________________________
6850
2025-2026 Regular Sessions
I N A S S E M B L Y
March 14, 2025
___________
Introduced by M. of A. PALMESANO, BARCLAY, BLANKENBUSH, BRABENEC,
HAWLEY, MORINELLO, REILLY, TAGUE -- read once and referred to the
Committee on Ways and Means
AN ACT to amend the tax law, in relation to increasing the amount of the
business franchise and personal income tax credits for real property
taxes paid by qualified manufacturers
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph (a) of subdivision 43 of section 210-B of the tax
law, as added by section 17 of part A of chapter 59 of the laws of 2014,
is amended to read as follows:
(a) A qualified New York manufacturer, as defined in subparagraph (vi)
of paragraph (a) of subdivision one of section two hundred ten of this
article, will be allowed a credit equal to [twenty] ONE HUNDRED percent
of the real property tax it paid during the taxable year for real prop-
erty owned by such manufacturer in New York which was principally used
during the taxable year for manufacturing to the extent not deducted in
determining entire net income. This credit will not be allowed if the
real property taxes that are the basis for this credit are included in
the calculation of another credit claimed by the taxpayer.
§ 2. Paragraph 1 of subsection (xx) of section 606 of the tax law, as
amended by section 8 of part I of chapter 59 of the laws of 2015, is
amended to read as follows:
(1) A qualified New York manufacturer will be allowed a credit equal
to [twenty] ONE HUNDRED percent of the real property tax it paid during
the taxable year for real property owned by such manufacturer in New
York which was principally used during the taxable year for manufactur-
ing to the extent not deducted in computing New York adjusted gross
income. This credit will not be allowed if the real property taxes that
are the basis for this credit are included in the calculation of another
credit claimed by the taxpayer.
§ 3. This act shall take effect immediately and shall apply to taxable
years commencing on or after January 1, 2025.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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