What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
1 Co-sponsor
History
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 55–1
- Ordered to third reading cal.1295
- Referred to rules
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7663
Title of bill
An act to amend the tax law, in relation to the franchise tax on business corporations
Purpose
To eliminate all business taxes on manufacturers to encourage the expansion of the manufacturing sector in New York.
Summary of provisions
ELIMINATING TAXES ON MANUFACTURERS: Over a three year period, the legislation would provide manufacturers throughout New York State with $495 million in tax relief - phasing out the taxes they pay under the State's Corporate Franchise Tax and Personal Income Tax. The first phase will begin for tax years beginning on January 1, 2013. This will save manufacturers $114 million in SFY 2012-13 and $495 million when fully phased in.
Justification
This bill will help create thousands of new private sector manufacturing jobs by delivering tax relief to existing New York manufacturers and encourage new manufacturers to locate in New York.
Legislative history
This is a new bill.
Fiscal implications
This bill will save New York businesses $114 million this year.
Effective date
Effective immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.