Bill Text: NY S05262 | 2013-2014 | General Assembly | Introduced

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Bill Title: Relates to creating a tax credit for New York state businesses that source materials and supplies manufactured by other New York state businesses.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2014-01-08 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S05262 Detail]

Download: New_York-2013-S05262-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5262
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                     May 15, 2013
                                      ___________
       Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
         printed to be committed to the Committee on Investigations and Govern-
         ment Operations
       AN ACT to amend the tax law, in relation to creating a  tax  credit  for
         New  York state businesses that source materials and supplies manufac-
         tured by other New York state businesses
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section.  1.  Section  210  of  the tax law is amended by adding a new
    2  subdivision 47 to read as follows:
    3    47. QUALIFIED PRODUCTS LOCAL SOURCING CREDIT. (A)  BUSINESSES  SUBJECT
    4  TO  TAX LIABILITY UNDER ARTICLE NINE OR NINE-A OF THIS CHAPTER, PURCHAS-
    5  ING QUALIFIED PRODUCTS MAY CLAIM THE QUALIFIED PRODUCTS  LOCAL  SOURCING
    6  TAX  CREDIT  AGAINST  ANY  SUCH  LIABILITY  AT THE CLOSE OF THE TAX YEAR
    7  PROVIDED, HOWEVER, THAT THE UNUSED PORTION OF  ANY  TAX  CREDIT  CLAIMED
    8  SHALL NOT BE CARRIED FORWARD AND APPLIED IN ANOTHER TAX YEAR.
    9    (B)  FOR  THE  PURPOSES OF THIS SECTION THE FOLLOWING TERMS SHALL HAVE
   10  THE FOLLOWING MEANINGS:
   11    (1) "QUALIFIED PRODUCTS" SHALL  MEAN  ANY  MATERIALS,  COMPONENTS,  OR
   12  SUPPLIES WHETHER USED IN THE MANUFACTURING PROCESS OR OTHERWISE THAT ARE
   13  PRODUCED IN NEW YORK STATE BY A NEW YORK STATE BUSINESS;
   14    (2)  "PRODUCER"  IS  AN  INDIVIDUAL  (WHETHER  ACTING  INDIVIDUALLY OR
   15  THROUGH A COOPERATIVE, CORPORATION, PARTNERSHIP,  BUSINESS  ASSOCIATION,
   16  OR  EDUCATIONAL  INSTITUTION) WHO IS A BUSINESS OR MANUFACTURER OF GOODS
   17  IN NEW YORK STATE, IT SHALL NOT HOWEVER INCLUDE A WHOLESALER OR DISTRIB-
   18  UTOR;
   19    (3) "PURCHASER" IS  AN  INDIVIDUAL  (WHETHER  ACTING  INDIVIDUALLY  OR
   20  THROUGH  A  COOPERATIVE, CORPORATION, PARTNERSHIP, BUSINESS ASSOCIATION,
   21  OR EDUCATIONAL INSTITUTION) WHO IS A BUSINESS OR MANUFACTURER  OF  GOODS
   22  IN NEW YORK STATE, IT SHALL NOT HOWEVER INCLUDE A WHOLESALER OR DISTRIB-
   23  UTOR;
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09907-02-3
       S. 5262                             2
    1    (4) "NET SALES" ARE THE TOTAL SALES OF THE BUSINESS SUBJECT TO TAX.
    2    (C)  THE  AMOUNT  OF  THE  CREDIT SHALL BE PRESCRIBED ACCORDING TO THE
    3  FOLLOWING SCHEDULE:
    4    (1) TWENTY PERCENT OF NET SALES ARE ATTRIBUTED TO  QUALIFIED  PRODUCTS
    5  THE CREDIT SHALL BE ONE THOUSAND FIVE HUNDRED DOLLARS.
    6    (2)  FORTY  PERCENT  OF NET SALES ARE ATTRIBUTED TO QUALIFIED PRODUCTS
    7  THE CREDIT SHALL BE THREE THOUSAND DOLLARS.
    8    (3) SIXTY PERCENT OF NET SALES ARE ATTRIBUTED  TO  QUALIFIED  PRODUCTS
    9  THE CREDIT SHALL BE SIX THOUSAND DOLLARS.
   10    (4)  EIGHTY  PERCENT OF NET SALES ARE ATTRIBUTED TO QUALIFIED PRODUCTS
   11  THE CREDIT SHALL BE TWELVE THOUSAND DOLLARS.
   12    (5) ONE HUNDRED PERCENT OF  NET  SALES  ARE  ATTRIBUTED  TO  QUALIFIED
   13  PRODUCTS THE CREDIT SHALL BE TWENTY-FIVE THOUSAND DOLLARS.
   14    (D)  (1)  BUSINESSES  CLAIMING  THE  QUALIFIED PRODUCTS LOCAL SOURCING
   15  CREDIT SOURCING TAX CREDIT SHALL SUBMIT A COMPUTER-GENERATED REPORT WITH
   16  TAX RETURNS THAT CLAIM A TAX CREDIT.
   17    (2) SUCH REPORT SHALL INCLUDE THE NAME OF THE PRODUCER AND  THE  PHYS-
   18  ICAL PLACE OF THE BUSINESS WHERE THE PRODUCTS ARE PRODUCED.
   19    (3) THE AMOUNT PAID BY THE PURCHASER TO THE PRODUCER AND THE AMOUNT OF
   20  UNITS PURCHASED.
   21    S 2. This act shall take effect immediately.