Bill > S08853

This bill establishes the New York Manufacturing Adequate Domestic Equipment (NY MADE) credit, which provides a tax credit to taxpayers subject to Article 9-A (Corporate Franchise Tax) or Article 22 (Personal Income Tax) of the New York tax law who produce medical equipment or personal protective equipment in New York State. The credit amount is 20% of the wholesale market value of the equipment produced in excess of the 2024 monthly average, or 30% for taxpayers who did not produce such equipment prior to the bill's enactment. The credit can be applied against the taxpayer's tax liability, and any excess credit can be treated as an overpayment to be credited or refunded, though no interest will be paid on the overpayment. The bill takes effect immediately and applies to taxable years beginning on or after January 1, 2025.