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History
- Referred to commerce, economic development and small business
Full text
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Sponsor's memo
Title of bill
An act to amend the economic development law, the real property tax law and the tax law, in relation to the manufacturing development zone program and tax credits related thereto
Purpose
To encourage business entities engaged in manufacturing outside the state to invest in manufacturing facilities in manufacturing development zones in New York.
Summary of provisions
Section 1 of the bill amends the economic development law by adding a new article 23, sections 450 through 453, creating the Manufacturing Development Zone Program.
Section 450 contains definitions.
Section 451 states the purpose of the program is to encourage business entities engaged in manufacturing outside the state to invest in manufacturing facilities in manufacturing development zones in New York.
Section 452 provides the eligibility and application process and requirements for establishing a manufacturing development zone. Political subdivisions submit applications and the commissioner makes the designations.
Section 453 provides the tax incentives available to eligible business entities that locate in a manufacturing development zone. On or before December 15 of each year, the department and comptroller shall submit a report outlining their findings in determining the effectiveness of these tax credits.
Section 2 of the bill amends the real property tax law by adding a new section 423-a creating a tax credit to a non-residential property used in a manufacturing trade or business by a business entity located in a manufacturing development zone as provided.
Section 3 of the bill amends the tax law by adding a new subsection (ccc) creating the manufacturing development zone program tax credit with the parameters described herein.
Section 4 of the bill provides this act shall take effect immediately.
Existing law
New law
Justification
New York is open for business. Establishing manufacturing development zones in the state with tax incentives will encourage manufacturing and economic development here, providing a boost to the state economy. In order to continue prospering, we should not allow these opportunities to be lost to other states.
Legislative history
New bill
Fiscal implications
Undetermined LOCAL FISCAL IMPLICATIONS :
Undetermined
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.