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NY A05497
Bill
Status
Introduced
2/19/2021
Primary Sponsor
Philip Palmesano
Click for details
AI Summary
- Increases the business franchise tax credit for qualified New York manufacturers from 20% to 100% of real property taxes paid on manufacturing property owned in New York
- Increases the personal income tax credit for qualified New York manufacturers from 20% to 100% of real property taxes paid on manufacturing property owned in New York
- Credits apply only to real property principally used for manufacturing during the taxable year and to the extent taxes are not deducted in determining net income
- Prohibits manufacturers from claiming the credit if the same real property taxes are included in the calculation of another tax credit
- Takes effect immediately and applies to taxable years beginning January 1, 2021
Legislative Description
Increases from 20% to 100% the portion of real property taxes that a manufacturer may take as a business franchise or personal income tax credit.
Last Action
held for consideration in ways and means
6/1/2022
Committee Referrals
Ways and Means2/19/2021
Full Bill Text
No bill text available