Bill Text: NY S05487 | 2015-2016 | General Assembly | Amended

New York Senate Bill 5487 (Prior Session Legislation)

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