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NY A05422
Bill
Status
Introduced
2/23/2015
Primary Sponsor
Brian Kolb
Click for details
AI Summary
- Allows a tax credit against personal income tax and corporate franchise tax for expenses incurred on or after January 1, 2015 for bottles, cases, carafes, corks, and labels used to package wine, liquor, or beer produced for resale
- Applies only to taxpayers licensed as a winery, distillery, or brewery under the Alcoholic Beverage Control Law, with breweries limited to those producing 60 million gallons or fewer of beer in New York State
- Prevents the credit from reducing personal income tax below the minimum amount specified in tax law, but allows unused credits to be carried over to subsequent tax years
- Prevents the corporate franchise tax credit from exceeding the taxpayer's tax liability for that year, with excess credits eligible for carryover to following years
- Takes effect immediately upon enactment
Legislative Description
Provides a credit against personal income tax and corporate franchise tax for wine bottling, packaging and labelling expenses of wineries, breweries and distilleries licensed pursuant to certain provisions of the alcoholic beverage control law; allows any amount of credit not deducted in a tax year to be carried over to the following tax year or years.
Last Action
held for consideration in ways and means
6/14/2016
Committee Referrals
Ways and Means2/23/2015
Full Bill Text
No bill text available