NY A05217

Eliminates corporate franchise tax for qualified New York manufacturers by reducing the capital base rate to zero percent for tax years beginning on or after January 1, 2021, with a gradual phase-out starting at 0.106 percent in 2015.

Sets the fixed dollar minimum tax for qualified New York manufacturers to $0 for tax years beginning on or after January 1, 2018, phasing down from $22-$4,385 depending on receipt levels in 2015.

Eliminates personal income tax liability for individuals whose primary activity is manufacturing, defined as production of goods through manufacturing, processing, assembling, refining, mining, extracting, farming, agriculture, horticulture, floriculture, viticulture, or commercial fishing, effective for tax years beginning on or after January 1, 2015.

Classifies a combined reporting group as a manufacturer if it is principally engaged in the specified manufacturing activities, with "principally engaged" defined as deriving more than 50 percent of gross receipts from such activities.

Authorizes the Commissioner of Taxation and Finance to promulgate rules and regulations necessary for implementation effective immediately.