Bill Text: NY S03475 | 2013-2014 | General Assembly | Introduced

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Bill Title: Provides a credit against personal income tax and corporate franchise tax for wine bottling, packaging and labelling expenses of wineries licensed pursuant to certain provisions of the alcoholic beverage control law; allows any amount of credit not deducted in a tax year to be carried over to the following tax year or years.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2014-01-08 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S03475 Detail]

Download: New_York-2013-S03475-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3475
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                   February 4, 2013
                                      ___________
       Introduced  by  Sen. LAVALLE -- read twice and ordered printed, and when
         printed to be committed to the Committee on Investigations and Govern-
         ment Operations
       AN ACT to amend the tax law, in  relation  to  providing  for  a  credit
         against  the personal income tax and the franchise tax on corporations
         for certain bottling, packaging and labelling expenses of wineries
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Section  210  of  the  tax law is amended by adding a new
    2  subdivision 18-a to read as follows:
    3    18-A. (A) A TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED
    4  BY THIS ARTICLE EQUAL TO THE AMOUNT ACTUALLY EXPENDED ON AND AFTER JANU-
    5  ARY FIRST, TWO THOUSAND FOURTEEN FOR CASES, BOTTLES,  CARAFES  OR  OTHER
    6  CONTAINERS  IN  WHICH WINE PRODUCED FOR RESALE IS PACKAGED AND FOR CORKS
    7  AND LABELS USED IN AND ON SUCH CONTAINERS;  PROVIDED  SUCH  TAXPAYER  IS
    8  LICENSED  AS  A WINERY PURSUANT TO THE PROVISIONS OF SECTION SEVENTY-SIX
    9  OF THE ALCOHOLIC BEVERAGE CONTROL LAW.
   10    (B) IN NO EVENT SHALL THE CREDIT HEREIN PROVIDED FOR BE ALLOWED IN  AN
   11  AMOUNT  WHICH WILL REDUCE THE TAX PAYABLE TO LESS THAN THE MINIMUM FIXED
   12  BY PARAGRAPH (D) OF SUBDIVISION ONE OF THIS SECTION.   IF, HOWEVER,  THE
   13  AMOUNT  OF  CREDIT ALLOWABLE UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR
   14  REDUCES THE TAX TO SUCH AMOUNT, ANY AMOUNT OF CREDIT NOT  DEDUCTIBLE  IN
   15  SUCH TAXABLE YEAR MAY BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS AND
   16  MAY BE DEDUCTED FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
   17    S  2. Section 606 of the tax law is amended by adding a new subsection
   18  (vv) to read as follows:
   19    (VV) (1) A TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX  IMPOSED
   20  BY THIS ARTICLE EQUAL TO THE AMOUNT ACTUALLY EXPENDED ON AND AFTER JANU-
   21  ARY  FIRST,  TWO  THOUSAND FOURTEEN FOR CASES, BOTTLES, CARAFES OR OTHER
   22  CONTAINERS IN WHICH WINE PRODUCED FOR RESALE IS PACKAGED AND  FOR  CORKS
   23  AND  LABELS  USED  IN  AND ON SUCH CONTAINERS; PROVIDED SUCH TAXPAYER IS
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05912-02-3
       S. 3475                             2
    1  LICENSED AS A WINERY PURSUANT TO THE PROVISIONS OF  SECTION  SEVENTY-SIX
    2  OF THE ALCOHOLIC BEVERAGE CONTROL LAW.
    3    (2)  IN NO EVENT SHALL THE AMOUNT OF THE CREDIT HEREIN PROVIDED FOR BE
    4  ALLOWED IN EXCESS OF THE TAXPAYER'S TAX FOR SUCH YEAR.  HOWEVER, IF  THE
    5  AMOUNT OF CREDIT OTHERWISE ALLOWABLE UNDER THIS SUBSECTION FOR ANY TAXA-
    6  BLE YEAR RESULTS IN SUCH EXCESS AMOUNT, ANY AMOUNT OF CREDIT NOT DEDUCT-
    7  IBLE  IN  SUCH TAXABLE YEAR MAY BE CARRIED OVER TO THE FOLLOWING YEAR OR
    8  YEARS AND MAY BE DEDUCTED FROM THE  TAXPAYER'S  TAX  FOR  SUCH  YEAR  OR
    9  YEARS.
   10    S 3. This act shall take effect immediately.