What's happening
This bill allows certain plastics manufacturers acquiring previous NY businesses to claim tax credits as new businesses for five years.
Why it matters
Incentivizes job growth and retention. By allowing plastics manufacturers that acquire existing NY businesses to claim tax credits as "new businesses," the bill encourages investment in local jobs, potentially protecting or increasing employment in the plastics sector.
Expands access to state economic incentives. Businesses acquiring a previous operation can now access the same tax breaks as startups, leveling the playing field and making business acquisitions more attractive.
Targets specific economic zones for revitalization. The requirement that these manufacturers be certified as empire zone enterprises focuses the benefits on areas identified for economic development, aiming to stimulate growth in struggling or strategic regions.
Applies retroactively. The law’s provisions apply to tax years beginning as far back as 2010, potentially offering financial relief or incentives to companies that made qualifying acquisitions in the recent past, not just future transactions.
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Who cares
Headline styles
Tax Credit for Manufacturers
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to ways and means
- Referred to ways and means
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
4135
2017-2018 Regular Sessions
IN ASSEMBLY
February 1, 2017
Introduced by M. of A. MAGEE -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to certain manufacturers
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subsection (k) of section 606 of the tax law is amended by adding a new paragraph 3-a to read as follows:
(3-a) In the case of a manufacturer: (i) that has acquired the assets of a plastics manufacturer previously operating in New York state, (ii) is certified as an empire zone enterprise with an effective date on or after January first, two thousand nine, and (iii) employs an average of more than thirty full-time employees each year in which it qualifies for a credit under this subsection, then, such manufacturer shall be deemed to have an employment number as of such certified entity's empire zone designation date of zero; shall be eligible to claim wage tax credits provided for by this subsection for tax year two thousand ten and the four tax years then following; and shall be deemed to be a new business for purposes of this subsection for tax year two thousand ten and the four tax years then following.
§ 2. This act shall take effect immediately and shall apply to all taxable years beginning on or after January 1, 2010.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08818-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.