NY S04102

Adds definitions to Tax Law Section 208 establishing "manufacturer" as a taxpayer principally engaged in production activities including manufacturing, processing, assembling, refining, mining, extracting, farming, agriculture, horticulture, floriculture, viticulture, or commercial fishing.

Defines "principally engaged" as deriving more than 50 percent of gross receipts from the sale of goods produced by manufacturing, with intercorporate receipts eliminated in combined group calculations.

Exempts manufacturers from 50 percent of franchise taxes on business corporations for taxable years beginning January 1, 2011.

Exempts manufacturers from all franchise taxes on business corporations for taxable years beginning January 1, 2012 and thereafter.

Takes effect immediately and applies to taxable years commencing on or after January 1, 2010, with the tax commissioner authorized to promulgate necessary rules and regulations.