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NY A01209

Bill

Official Source

Status

Introduced

1/5/2011

Primary Sponsor

Brian Kolb

Click for details

Origin

Assembly

2011-2012 General Assembly

AI Summary

  • Allows licensed wineries to claim a tax credit against personal income tax for expenses on cases, bottles, carafes, corks, and labels used to package wine produced for resale, beginning January 1, 2012
  • Allows licensed wineries to claim a tax credit against corporate franchise tax for the same bottling, packaging, and labeling expenses under the same conditions
  • Permits unused tax credits that exceed the taxpayer's tax liability in any year to be carried forward to subsequent tax years
  • Applies only to wineries licensed as such pursuant to Section 76 of the Alcoholic Beverage Control Law
  • Takes effect immediately upon enactment

Legislative Description

Provides a credit against personal income tax and corporate franchise tax for wine bottling, packaging and labelling expenses of wineries licensed pursuant to certain provisions of the alcoholic beverage control law; allows any amount of credit not deducted in a tax year to be carried over to the following tax year or years.

Last Action

held for consideration in ways and means

6/19/2012

Committee Referrals

Ways and Means1/5/2011

Full Bill Text

No bill text available