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NY A06514
Bill
Status
3/21/2011
Primary Sponsor
Brian Kolb
Click for details
AI Summary
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Establishes a manufacturing wage credit for industrial or manufacturing businesses subject to Article 9-A or Article 22 tax, computed as 2.5% of average wages multiplied by the employment increase level
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Defines employment increase level as the difference between the average number of full-time employees in the current year versus the preceding base year, with employees counted quarterly (March 31, June 30, September 30, December 31)
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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
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Provides that unused credit amounts not deductible in a given year shall be treated as tax overpayments eligible for credit or refund without interest
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Takes effect immediately for taxable years beginning January 1 following enactment, with the Department of Taxation and Finance authorized to promulgate necessary regulations
Legislative Description
Provides a manufacturing wage tax credit for a sole proprietor of an industrial or manufacturing business or a member of a partnership of such business; the amount of credit shall equal the product of two and one half percent of the average wages and the number of employees by which the business has increased; allows for an amount which is not deductible in a given year to be treated as an overpayment of tax to be credited or refunded in accordance with applicable tax provisions.
Last Action
held for consideration in ways and means
6/19/2012