NY A02813

Defines "manufacturer" as a taxpayer principally engaged in production of goods through manufacturing, processing, assembling, refining, mining, extracting, farming, agriculture, horticulture, floriculture, viticulture, or commercial fishing.

Establishes that a taxpayer or combined group is "principally engaged" if more than fifty percent of gross receipts derive from sales of manufactured goods.

Exempts manufacturers from fifty percent of franchise tax on business corporations for taxable years beginning January 1, 2011 or later.

Fully exempts manufacturers from all franchise tax on business corporations for taxable years beginning January 1, 2012 or later.

Takes effect immediately and applies to taxable years commencing on or after January 1, 2010.