NY A04568

Exempts manufacturers from all corporate franchise taxes imposed under Article 9 of the tax law for taxable years beginning January 1, 2013 or later.

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.

Establishes "principally engaged" threshold of more than 50 percent of gross receipts derived from sale of goods produced by manufacturing for individual taxpayers or combined groups.

Exempts partners and individuals whose primary activity is manufacturing from personal income tax liability for taxable years beginning January 1, 2013 or later.

Sets corporate minimum tax rate to zero for income derived from manufacturer activity for taxable years beginning January 1, 2013 or later.