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
No co-sponsors yet.
History
- Referred to investigations and government operations
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to creating a tax credit for New York state businesses that source materials and supplies manufactured by other New York state businesses
In Assembly Committee · Ways And Means · Sponsor Claudia Tenney
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5262
Title of bill
An act to amend the tax law, in relation to creating a tax credit for New York state businesses that source materials and supplies manufactured by other New York state businesses
Purpose
Relates to creating a tax credit for New York state businesses that source materials and supplies manufactured by other New York state businesses.
Summary of provisions
Section 1 amends section 210 of the tax law, which adds a new subdivision 47 read as follows:
47. Qualified products local sourcing credit. Businesses subject to tax liability under article nine or nine-A of this chapter, purchasing qualified products may claim the qualified products local sourcing tax credit against any such liability at the close of the tax year provided, however, that the unused portion of any tax credit claimed shall not be carried forward and applied in another tax year.
Provides definitions and specifications for the qualified products local sourcing credit.
Section 2 provides for an immediate effective date.
Justification
New York state's manufacturers contribute more than $65 billion annually to New York's Gross Domestic Product and employ more than 800,000 state taxpayers. Additionally, manufacturing creates 2.5 related jobs in other sectors. New York state reaps tremendous benefits when its manufacturers operate in a stable and supportive environment.
Many businesses in New York are already taking the initiative to do business with other New York state businesses. Creating a New York state tax credit program would provide opportunities for New York state-based businesses to prosper and expand, enhancing the commitment to get New York "open for business."
This legislation will create a qualified products local sourcing credit that businesses can claim on their tax forms for doing business with other New York-based businesses.
Legislative history
New.
Fiscal implications
None.
Effective date
Immediate.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.