New York A 4417: Creates a tax credit for manufacturing companies that have one established place of business in the state and relocate at least fifty employees from outside the state

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A04417 Summary:

BILL NOA04417 

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SAME ASNo Same As

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SPONSORBologna

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COSPNSR

&nbsp

MLTSPNSR

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Add §107, Ec Dev L; add §187-s, Tax L

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Creates a tax credit for manufacturing companies that have one established place of business in the state and relocate a minimum of fifty employees from outside the state to the state; provides that manufacturing companies shall be allowed a credit in the amount of 2.5 percent of the average salaries of newly created manufacturing jobs multiplied by number of new jobs brought to the state.

Go to top A04417 Actions:

BILL NOA04417 

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02/04/2025referred to economic development

01/07/2026referred to economic development

Go to topA04417 Committee&nbspVotes:

Go to topA04417 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA04417 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4417

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 4, 2025
 ___________

 Introduced by M. of A. BOLOGNA -- read once and referred to the Commit-
 tee on Economic Development

 AN ACT to amend the economic development law and the tax law, in
 relation to creating a tax credit for manufacturing companies that
 have one established place of business in the state and relocate a
 minimum of fifty employees from outside the state into the state

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The economic development law is amended by adding a new
 2 section 107 to read as follows:
 3 § 107. Encourage manufacturing jobs. 1. The commissioner shall promote
 4 the location and development of new businesses in the state by encourag-
 5 ing manufacturing companies that already have at least one established
 6 place of business in the state and bring at least fifty employees from
 7 an out of state location to the state for the purposes of expanding
 8 their manufacturing company.
 9 2. The commissioner shall determine what companies qualify for a tax
 10 credit pursuant to section one hundred eighty-seven-s of the tax law,
 11 but only manufacturing companies that bring long term jobs to the state
 12 shall be eligible for such credit, provided that:
 13 (a) the commissioner shall have the power to define and determine
 14 which jobs are "long term"; and
 15 (b) notwithstanding paragraph (a) of this subdivision, a manufacturing
 16 company that loses its contract, closes a facility or suffers from a
 17 catastrophic event as determined by the commissioner shall not be deemed
 18 ineligible for such credit.
 19 § 2. The tax law is amended by adding a new section 187-s to read as
 20 follows:
 21 § 187-s. Manufacturing jobs incentive credit. 1. General. A taxpayer
 22 shall be allowed a one time credit, to be credited against the taxes
 23 imposed under sections one hundred eighty-three and one hundred eighty-

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03966-01-5

 A. 4417 2

 1 four of this article. Such credit, to be computed as hereinafter
 2 provided, shall be allowed for qualified manufacturing companies pursu-
 3 ant to section one hundred seven of the economic development law.
 4 Provided, however, that the amount of such credit allowable against the
 5 tax imposed by section one hundred eighty-four of this article shall be
 6 the excess of the credit allowed by this section over the amount of such
 7 credit allowable against the tax imposed by section one hundred eighty-
 8 three of this article.
 9 2. Amount of credit. The amount of the credit under this section shall
 10 be 2.5 percent of the average salaries of the newly created manufactur-
 11 ing jobs multiplied by the number of new jobs brought into the state by
 12 such companies.
 13 3. Carryover. In no event shall the credit under this section be
 14 allowed in an amount which will reduce the tax payable to less than the
 15 applicable minimum tax fixed by section one hundred eighty-three of this
 16 article. If, however, the amount of credit allowable under this section
 17 for any taxable year reduces the tax to such amount, any amount of cred-
 18 it not deductible in such taxable year may be carried over to the
 19 follow