Bill Text: NY A03772 | 2015-2016 | General Assembly | Introduced

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Bill Title: Relates to creating a tax credit for New York state businesses that source materials and supplies manufactured by other New York state businesses.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2016-01-06 - referred to ways and means [A03772 Detail]

Download: New_York-2015-A03772-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3772
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 27, 2015
                                      ___________
       Introduced by M. of A. TENNEY -- read once and referred to the Committee
         on Ways and Means
       AN  ACT  to  amend the tax law, in relation to creating a tax credit for
         New York state businesses that source materials and supplies  manufac-
         tured by other New York state businesses
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section. 1. Section 210-B of the tax law is amended by  adding  a  new
    2  subdivision 49 to read as follows:
    3    49.  QUALIFIED  PRODUCTS LOCAL SOURCING CREDIT. (A) BUSINESSES SUBJECT
    4  TO TAX LIABILITY UNDER ARTICLE NINE OR NINE-A OF THIS CHAPTER,  PURCHAS-
    5  ING  QUALIFIED  PRODUCTS MAY CLAIM THE QUALIFIED PRODUCTS LOCAL SOURCING
    6  TAX CREDIT AGAINST ANY SUCH LIABILITY AT  THE  CLOSE  OF  THE  TAX  YEAR
    7  PROVIDED,  HOWEVER,  THAT  THE  UNUSED PORTION OF ANY TAX CREDIT CLAIMED
    8  SHALL NOT BE CARRIED FORWARD AND APPLIED IN ANOTHER TAX YEAR.
    9    (B) FOR THE PURPOSES OF THIS SECTION THE FOLLOWING  TERMS  SHALL  HAVE
   10  THE FOLLOWING MEANINGS:
   11    (1)  "QUALIFIED  PRODUCTS"  SHALL  MEAN  ANY MATERIALS, COMPONENTS, OR
   12  SUPPLIES WHETHER USED IN THE MANUFACTURING PROCESS OR OTHERWISE THAT ARE
   13  PRODUCED IN NEW YORK STATE BY A NEW YORK STATE BUSINESS;
   14    (2) "PRODUCER"  IS  AN  INDIVIDUAL  (WHETHER  ACTING  INDIVIDUALLY  OR
   15  THROUGH  A  COOPERATIVE, CORPORATION, PARTNERSHIP, BUSINESS ASSOCIATION,
   16  OR EDUCATIONAL INSTITUTION) WHO IS A BUSINESS OR MANUFACTURER  OF  GOODS
   17  IN NEW YORK STATE, IT SHALL NOT HOWEVER INCLUDE A WHOLESALER OR DISTRIB-
   18  UTOR;
   19    (3)  "PURCHASER"  IS  AN  INDIVIDUAL  (WHETHER  ACTING INDIVIDUALLY OR
   20  THROUGH A COOPERATIVE, CORPORATION, PARTNERSHIP,  BUSINESS  ASSOCIATION,
   21  OR  EDUCATIONAL  INSTITUTION) WHO IS A BUSINESS OR MANUFACTURER OF GOODS
   22  IN NEW YORK STATE, IT SHALL NOT HOWEVER INCLUDE A WHOLESALER OR DISTRIB-
   23  UTOR;
   24    (4) "NET SALES" ARE THE TOTAL SALES OF THE BUSINESS SUBJECT TO TAX.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07211-01-5
       A. 3772                             2
    1    (C) THE AMOUNT OF THE CREDIT SHALL  BE  PRESCRIBED  ACCORDING  TO  THE
    2  FOLLOWING SCHEDULE:
    3    (1)  TWENTY  PERCENT OF NET SALES ARE ATTRIBUTED TO QUALIFIED PRODUCTS
    4  THE CREDIT SHALL BE ONE THOUSAND FIVE HUNDRED DOLLARS.
    5    (2) FORTY PERCENT OF NET SALES ARE ATTRIBUTED  TO  QUALIFIED  PRODUCTS
    6  THE CREDIT SHALL BE THREE THOUSAND DOLLARS.
    7    (3)  SIXTY  PERCENT  OF NET SALES ARE ATTRIBUTED TO QUALIFIED PRODUCTS
    8  THE CREDIT SHALL BE SIX THOUSAND DOLLARS.
    9    (4) EIGHTY PERCENT OF NET SALES ARE ATTRIBUTED TO  QUALIFIED  PRODUCTS
   10  THE CREDIT SHALL BE TWELVE THOUSAND DOLLARS.
   11    (5)  ONE  HUNDRED  PERCENT  OF  NET  SALES ARE ATTRIBUTED TO QUALIFIED
   12  PRODUCTS THE CREDIT SHALL BE TWENTY-FIVE THOUSAND DOLLARS.
   13    (D) (1) BUSINESSES CLAIMING  THE  QUALIFIED  PRODUCTS  LOCAL  SOURCING
   14  CREDIT  SHALL  SUBMIT  A COMPUTER-GENERATED REPORT WITH TAX RETURNS THAT
   15  CLAIM A TAX CREDIT.
   16    (2) SUCH REPORT SHALL INCLUDE THE NAME OF THE PRODUCER AND  THE  PHYS-
   17  ICAL PLACE OF THE BUSINESS WHERE THE PRODUCTS ARE PRODUCED.
   18    (3) THE AMOUNT PAID BY THE PURCHASER TO THE PRODUCER AND THE AMOUNT OF
   19  UNITS PURCHASED.
   20    S 2. This act shall take effect immediately.