NY A02804

Creates a manufacturing wage credit for industrial or manufacturing businesses subject to corporate or personal income tax, calculated as 2.5 percent of average wages multiplied by the employment increase level.

Defines employment increase level as the difference between average employment in the current year and the preceding base year, with employment measured quarterly on specific dates and excluding related-party employees.

Allows the credit to be claimed in the employment increase year and the four following taxable years, with recalculation required if employment drops below the increase year level in subsequent years.

Requires the credit to be applied against tax liability, with any excess amount treated as an overpayment eligible for refund or credit, though no interest shall be paid on refunds.

Takes effect immediately for taxable years commencing on and after January 1 following the law's enactment, with the Department of Taxation and Finance authorized to adopt necessary regulations.