Skip to content
S7196Senate2013-2014 SessionSame asA9220

Relates to taxpayers filing under article twenty-two of the tax law to include for the purposes of the tax factor all business income attributable to a QEZE business

Sponsor Michael H. RanzenhoferSD-61+1 co-sponsorAffects Finance
Status
Vetoed
Impact
Pending
Outcome
Vetoed

Bill progress

Vetoed

What's happening

Writing a plain-English summary… Track this bill to get it by email.

Why it matters

The daily · weekday mornings

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

Primary sponsor
Michael H. Ranzenhofer

Senator · Senate District 61

Chair, Corporations, Authorities And Commissions

History

  1. Vetoed memo.566
  2. Delivered to governor
  3. Returned to senate
  4. Passed assembly
  5. Ordered to third reading rules cal.471
  6. Substituted for A9220C
  7. Referred to ways and means
  8. Delivered to assembly
  9. Passed senateVote 49–10
  10. Ordered to third reading cal.1492
  11. Committee discharged and committed to rules
  12. Print number 7196b
Show 5 earlier actions
  1. Amend and recommit to finance
  2. Reported and committed to finance
  3. Print number 7196a
  4. Amend and recommit to investigations and government operations
  5. 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.

A9220Assembly

Relates to taxpayers filing under article twenty-two of the tax law to include for the purposes of the tax factor all business income attributable to a QEZE business

Assembly Floor Calendar · Sponsor Phil Steck

Full text

The text isn't available here yet. Check nysenate.gov.

Sponsor's memo

BILL NUMBER:S7196B

Title of bill

An act to amend the tax law, in relation to QEZE tax reduction credits

Purpose or general idea of bill

To encourage the growth of New York State manufacturing by allowing the inclusion of all income derived from a business for the purposes of claiming the QEZE tax credit.

Summary of provisions

Section 1 - Paragraph 1 of subdivision (f) of section 16 of the Tax Law, as amended by section 14 of part CC of Chapter 85 of the Laws of 2002, is amended to include all business income as income allotted for the purposes of calculating the tax factor under article 22 of this chapter.

Section 2 - This act shall take effect immediately.

Justification

The QEZE tax credit was designed to encourage employment in New York State. An allocation between New York and non-New York income was not included in the original statute. The allocation serves no purpose because the tax credit is designed to encourage employment in New York in manufacturing, not to encourage sales of manufactured products in New York. In fact, our economy benefits when New York manufacturers are able to sell overseas. The Tax Department interpretation of the QEZE discourages manufacturing for export which is contrary to sound economic policy.

Legislative history

New bill.

Fiscal implications

There will be fiscal implications to New York State in regard to tax revenues collected from QEZE approved businesses.

Effective date

To take effect immediately.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.