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Sponsors
Senator · Senate District 61
No co-sponsors yet.
History
- Substituted by A5545
- Ordered to third reading cal.1612
- 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 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
Vetoed · Sponsor Phil Steck
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3971
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 34 of part A of Chapter 59 of the Laws of 2014, 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
2014 - S.7196-B/A.9220-C - PASSED SENATE/Passed Assm.
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.