NY A03342

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.

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 January 1, 2015 or later.

Exempts manufacturers from all franchise taxes on business corporations for taxable years beginning January 1, 2016 or later.

Effective immediately for taxable years commencing on or after January 1, 2015, with authority granted to the Department of Taxation and Finance to issue implementing regulations.