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History
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 54–5
- Ordered to third reading cal.1548
- Committee discharged and committed to rules
- 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 the empire zone wage tax credit for certain manufacturers
In Assembly Committee · Ways And Means · Sponsor William Magee
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7763
Title of bill
An act to amend the tax law, in relation to certain manufacturers
Purpose
Adjust the calculation of various components of the wage tax credits under subdivision (k) of section 606 of the tax law for certain manufacturers certified in the empire zone.
Summary of provisions
Section 1. Makes provisions for the calculation of the empire zone wage tax credits under section 606(k) of the tax law for certain manufacturers.
Section 2. Effective date.
Justification
Empire zone enterprises are vital businesses within our communities that encourage job growth and foster economic development. And, this is especially true in areas of New York which have seen a steady loss of manufacturing jobs in recent years. As an incentive to participate in the Empire Zones Program, certified entities qualify for tax credits and refunds. For example, under New York State tax law, an empire zone enterprise that grows employment after its certification date is entitled to certain wage tax credits based on the amount of increase.
Businesses seeking to participate in the Empire Zones Program must be certified by the local Zone Administrative Board before certification by the State Department of Economic Development. The date of designation of lands and certification of the company by the local Zone Administrative Board is critical to the calculation of the wage tax credits under the Program because the business must grow its employment after established dates to receive these credits. This bill would allow certain manufacturers who have complied with the spirit of the law, and have relied on the wage tax credit as a significant component of its budget, to receive five years of wage tax credits as originally intended under the Empire Zones Program.
Prior legislative history
New bill.
Fiscal implications
None.
Effective date
This act shall take effect immediately and shall apply to taxable years beginning on and after January 1, 2010.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.