NY A03416

Defines "manufacturer" to include taxpayers 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 during the taxable year.

Exempts manufacturers from 50 percent of franchise taxes on business corporations for taxable years beginning on or after January 1, 2012.

Provides full exemption from franchise taxes on business corporations for manufacturers for taxable years beginning on or after January 1, 2013.

Takes effect immediately and applies to taxable years commencing on or after January 1, 2011.