Bill > S00853

This bill establishes the New York Manufacturing Adequate Domestic Equipment Credit (NY MADE), a tax incentive program designed to encourage the production of medical and personal protective equipment within New York State. The credit applies to businesses subject to corporate (Article 9-A) or personal income (Article 22) taxes that manufacture medical equipment, which is defined as machinery, apparatus, and devices intended for medical treatment, prevention, or correction of physical conditions. Businesses can qualify for either a 20% credit based on wholesale market value of supplies produced above their 2025 monthly average production, or a 30% credit for new manufacturers who have not previously produced such supplies. The credit can be used to reduce tax liability, and if the credit exceeds the total tax due, the excess can be treated as an overpayment and potentially refunded, though no interest will be paid on such refunds. The bill is specifically aimed at supporting domestic medical equipment manufacturing in New York and will take effect for taxable years beginning on or after January 1, 2026, providing a financial incentive for businesses to invest in medical equipment production within the state.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S853