Bill Text: NY A02351 | 2015-2016 | General Assembly | Introduced

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Bill Title: Grants a tax credit for materials aiding the ventilation and illumination in factory work rooms during the manufacturing process; provides that the tax credit amount shall equal thirty-five percent of the cost of any such materials placed in service during the taxable year; further defines materials as appliances and energy using products by or for ventilation and illumination.

Spectrum: Partisan Bill (Republican 4-0)

Status: (Introduced - Dead) 2016-06-14 - held for consideration in ways and means [A02351 Detail]

Download: New_York-2015-A02351-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2351
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 16, 2015
                                      ___________
       Introduced  by  M.  of A. CROUCH, KOLB -- Multi-Sponsored by -- M. of A.
         FINCH, OAKS -- read once and referred to the  Committee  on  Ways  and
         Means
       AN  ACT  to  amend the tax law, in relation to granting a tax credit for
         the purchase of materials aiding the ventilation and  illumination  in
         factory work rooms during the manufacturing process
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. The tax law is amended by adding a  new  section  187-t  to
    2  read as follows:
    3    S  187-T. CREDIT FOR MATERIALS AIDING THE VENTILATION AND ILLUMINATION
    4  IN FACTORY WORK ROOMS. 1. GENERAL. A TAXPAYER SHALL BE ALLOWED A CREDIT,
    5  TO BE COMPUTED AS HEREINAFTER PROVIDED, AGAINST  THE  TAXES  IMPOSED  BY
    6  THIS  ARTICLE,  OTHER  THAN  THE  TAXES  IMPOSED BY SECTIONS ONE HUNDRED
    7  EIGHTY-SIX-A AND ONE HUNDRED EIGHTY-SIX-E OF THIS ARTICLE. SUCH  CREDIT,
    8  TO  BE COMPUTED AS HEREINAFTER PROVIDED, SHALL BE ALLOWED FOR MATERIALS,
    9  PURCHASED AND USED BY A FACTORY FOR  USE  OR  CONSUMPTION  DIRECTLY  AND
   10  EXCLUSIVELY  TO  FACILITATE VENTILATION AND ILLUMINATION IN FACTORY WORK
   11  ROOMS, PURSUANT TO SECTIONS TWO  HUNDRED  FIFTY-SEVEN  AND  TWO  HUNDRED
   12  NINETY-NINE OF THE LABOR LAW, PLACED IN SERVICE DURING THE TAXABLE YEAR;
   13  PROVIDED,  HOWEVER, THAT THE COMMISSIONER SHALL REQUIRE SUCH DOCUMENTARY
   14  PROOF TO QUALIFY FOR ANY EXEMPTION PROVIDED HEREIN AS  THE  COMMISSIONER
   15  DEEMS  APPROPRIATE AND THAT THE AMOUNT OF CREDIT ALLOWED BY THIS SECTION
   16  AGAINST THE TAX IMPOSED BY SECTION ONE HUNDRED EIGHTY-FOUR OF THIS ARTI-
   17  CLE SHALL BE THE EXCESS OF THE CREDIT COMPUTED UNDER THIS  SECTION  OVER
   18  THE  AMOUNT OF CREDIT ALLOWED BY THIS SECTION AGAINST THE TAX IMPOSED BY
   19  SECTION ONE HUNDRED EIGHTY-THREE OF THIS ARTICLE.
   20    2. DEFINITION. AS USED IN THIS SECTION "MATERIALS" SHALL  MEAN  APPLI-
   21  ANCES  AND ENERGY USING PRODUCTS BY OR FOR VENTILATION AND ILLUMINATION,
   22  SUCH AS BUT NOT LIMITED TO, LAMPS  AND  LUMINARIES,  FLUORESCENT  LAMPS,
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05149-01-5
       A. 2351                             2
    1  CENTRAL  AIR  CONDITIONERS,  ROOM AIR CONDITIONERS, PACKAGE TERMINAL AIR
    2  CONDITIONERS AND HEAT PUMPS, AND FURNACES.
    3    3.  AMOUNT OF CREDIT. THE AMOUNT OF CREDIT UNDER THIS SECTION SHALL BE
    4  THIRTY-FIVE PERCENT OF THE COST OF ANY SUCH MATERIALS PLACED IN  SERVICE
    5  DURING THE TAXABLE YEAR.
    6    4.  CARRYOVER.  IN  NO  EVENT  SHALL  THE CREDIT UNDER THIS SECTION BE
    7  ALLOWED IN AN AMOUNT WHICH WILL REDUCE THE TAX PAYABLE TO LESS THAN  THE
    8  APPLICABLE  MINIMUM TAX FIXED BY SECTION ONE HUNDRED EIGHTY-THREE OR ONE
    9  HUNDRED EIGHTY-FIVE OF THIS ARTICLE. IF, HOWEVER, THE AMOUNT  OF  CREDIT
   10  ALLOWABLE  UNDER  THIS  SECTION  FOR ANY TAXABLE YEAR REDUCES THE TAX TO
   11  SUCH AMOUNT, ANY AMOUNT OF CREDIT NOT DEDUCTIBLE IN  SUCH  TAXABLE  YEAR
   12  MAY  BE  CARRIED OVER TO THE FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED
   13  FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
   14    S 2. This act shall take effect immediately; provided,  however,  that
   15  the  exemption provided applies to property placed in service in taxable
   16  years beginning on or after January 1, 2015 and that the commissioner of
   17  taxation and finance may take any action with respect to  the  adoption,
   18  amendment,  suspension  or  repeal of any rule or regulation relating to
   19  this act, and may establish  any  procedure  necessary  for  the  timely
   20  implementation thereof.