Bill > A06850

This bill increases the tax credit for qualified New York manufacturers from 20% to 100% of real property taxes paid on manufacturing facilities, effectively allowing manufacturers to claim the full amount of their real property taxes as a credit against their business franchise or personal income taxes. The bill modifies two sections of New York tax law, one for business franchise taxes and another for personal income taxes, to implement this change. A "qualified New York manufacturer" is a specific legal designation defined elsewhere in the tax code, and the credit applies only to real property that is principally used for manufacturing purposes within New York State. The credit cannot be claimed if the same real property taxes are used to calculate another tax credit. The bill is set to take effect for taxable years beginning on or after January 1, 2025, which means manufacturers can first use this expanded credit for their 2025 tax returns. This change is designed to provide significant financial relief and potentially incentivize manufacturing businesses to maintain or expand their operations in New York.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A6850