Bill Text: NY S05487 | 2015-2016 | General Assembly | Amended
Bill Title: Establishes a shipping cost tax credit; defines eligible manufacturers and eligible shipping costs; establishes equation for determining amount of credit.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2016-02-05 - PRINT NUMBER 5487B [S05487 Detail]
Download: New_York-2015-S05487-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 5487--B 2015-2016 Regular Sessions IN SENATE May 14, 2015 ___________ Introduced by Sens. DeFRANCISCO, VALESKY -- read twice and ordered printed, and when printed to be committed to the Committee on Investi- gations and Government Operations -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee -- recommitted to the Committee on Investigations and Government Operations in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to establishing a shipping cost tax credit The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 606 of the tax law is amended by adding a new 2 subsection (ccc) to read as follows: 3 (ccc) Shipping cost tax credit. (1) Allowance of credit. A taxpayer 4 that is an owner of an eligible manufacturer, and is subject to tax 5 under this article, shall be allowed a credit against such tax, pursuant 6 to the provisions of this subsection, to be computed as hereinafter 7 provided. 8 (2) Gross receipts or sale. For purposes of this section, gross 9 receipts or sales are as reported on the eligible manufacturer's federal 10 income tax return. For a short tax period, the gross receipts or sales 11 is equal to the product of (A) the total gross receipts or sales for the 12 short tax period divided by the number of months in the short tax peri- 13 od, and (B) twelve. 14 (3) Amount of credit. The amount of credit shall equal the sum of all 15 eligible shipping costs incurred within the tax year for the shipment of 16 product manufactured in New York state by an eligible manufacturer to 17 locations outside of New York state, but within the continental United 18 States. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD11160-04-6