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S5487Senate2015-2016 Session

Establishes a shipping cost tax credit

Sponsor John A. DeFranciscoSD-50+1 co-sponsorAffects Legal
Status
In Senate Committee
Investigations And Government Operations
Impact
Pending
Passage
Pending

Bill progress

Step 2 of 7

In committee · Investigations And Government Operations

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Who cares

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Sponsors

Primary sponsor
John A. DeFrancisco

Senator · Senate District 50

Chair, Finance

1 Co-sponsor

History

  1. Print number 5487b
  2. Amend and recommit to investigations and government operations
  3. Referred to investigations and government operations
  4. Print number 5487a
  5. Amend and recommit to investigations and government operations
  6. Referred to investigations and government operations

Full text

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

Sponsor's memo

Title of bill

An act to amend the tax law, in relation to establishing a shipping cost tax credit

Purpose

This bill would establish a shipping cost tax credit.

Summary of provisions

Section 1 - Amends Section 606 of the tax law by adding a new subsection (ccc).

Section 2 - Effective date

Justification

Many businesses which are located within the Empire Zone Program ship a significant percentage of the products they produce out of state. The benefits they realize under the Empire Zone Program offset those shipping costs which make it beneficial for them to remain located in New York State. However, now that the Empire Zone Program ended they will lose this incentive. That, coupled with the fact that other states continue to adopt tax benefit programs to lure those businesses out of New York, creates an incentive for these businesses to relocate. By offsetting the shipping costs for these companies, this bill will encourage businesses with gross receipts on sales which do not exceed 3% of the shipping credit to remain in NYS rather than relocate to a location closer to where their product is shipped.

Legislative history

New bill

Fiscal implications

Approximately $6 Million

Effective date

This act shall take effect immediately and shall apply in taxable years beginning on and after January 1, 2017.

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