Bill > S07561

This bill amends the New York tax law to provide a definition for "qualified pass-through manufacturers" and to exclude them from certain tax credits available to small businesses. The key provisions are: 1. It adds a new paragraph to the tax law to define "qualified pass-through manufacturers" as businesses that are principally engaged in manufacturing, with their business receipts determining whether they qualify. These manufacturers are excluded from the small business tax credit. 2. It adds a new paragraph to allow individual or trust income, gains, losses, and deductions from qualified pass-through manufacturers to be excluded from state personal income tax, as long as the combined amount is greater than zero. 3. It amends the investment tax credit to exclude property used by qualified pass-through manufacturers from being eligible for the credit. The overall effect is to provide a tax benefit for qualified pass-through manufacturers while excluding them from certain small business tax credits.

Government Affairs

https://assembly.state.ny.us/leg/?default_fld=&bn=S07561&term=2017&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y