New York S 853: Provides zero and low interest loans or loan interest rate reduction for energy improvement projects to stimulate the growth and development of small businesses

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S00853 Summary:

BILL NOS00853 

&nbsp

SAME ASNo Same As

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SPONSORHELMING

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COSPNSRBORRELLO, GALLIVAN, WEBER, WEIK

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MLTSPNSR

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Add §50, amd §§210-B & 606, Tax L

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Establishes the New York manufacturing adequate domestic equipment credit (NY MADE); defines medical equipment; makes related provisions.

Go to top S00853 Actions:

BILL NOS00853 

&nbsp

01/08/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS00853 Committee&nbspVotes:

Go to topS00853 Floor&nbspVotes:

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

Go to topS00853 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 853

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sens. HELMING, BORRELLO, GALLIVAN, WEBER, WEIK -- read
 twice and ordered printed, and when printed to be committed to the
 Committee on Budget and Revenue

 AN ACT to amend the tax law, in relation to establishing the New York
 manufacturing adequate domestic equipment credit (NY MADE)

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

 1 Section 1. The tax law is amended by adding a new section 50 to read
 2 as follows:
 3 § 50. New York manufacturing adequate domestic equipment credit (NY
 4 MADE). (a) General. A taxpayer subject to tax under article nine-A or
 5 twenty-two of this chapter, produces medical equipment or personal
 6 protective equipment, as defined in paragraph (a) of subdivision two of
 7 section one hundred forty-eight of the state finance law, in this state
 8 during the taxable year, shall be allowed a credit against such taxes in
 9 the amount specified in subdivision (b) of this section and pursuant to
 10 the provisions referenced in subdivision (c) of this section. For the
 11 purposes of this section, "medical equipment" shall mean machinery,
 12 apparatus, and other devices which are intended for use in the cure,
 13 mitigation, treatment or prevention of illnesses or diseases or the
 14 correction or alleviation of physical incapacity in human beings. Such
 15 equipment must be primarily and customarily used for medical purposes
 16 and not be generally useful in the absence of illness, injury, or phys-
 17 ical incapacity.
 18 (b) The amount of the credit per taxpayer per taxable year (or pro
 19 rata share of earned credit in the case of a partnership) for production
 20 of medical equipment or personal protective equipment, as defined in
 21 paragraph (a) of subdivision two of section one hundred forty-eight of
 22 the state finance law, shall be determined as follows:

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01072-01-5

 S. 853 2

 1 (1) for taxpayers who are currently producing medical equipment or
 2 personal protective equipment, as defined in paragraph (a) of subdivi-
 3 sion two of section one hundred forty-eight of the state finance law, or
 4 were producing medical equipment or personal protective equipment, as
 5 defined in paragraph (a) of subdivision two of section one hundred
 6 forty-eight of the state finance law, in calendar year two thousand
 7 twenty-five or in January two thousand twenty-six, the credit shall be
 8 twenty percent of the wholesale market value of such supplies produced
 9 in excess of the monthly average production for the two thousand twen-
 10 ty-five calendar year or monthly average production equivalent if such
 11 supplies were not produced for the entire calendar year; or
 12 (2) for taxpayers who have not produced such supplies prior to the
 13 enactment date of this section, thirty percent of the wholesale market
 14 value of such supplies produced.
 15 (c) Cross-references. For application of the credit provided for in
 16 this section, see the following provisions of this chapter:
 17 (1) Article 9-A: Section 210-B, subdivision 61.
 18 (2) Article 22: Section 606, subsections (i) and (a-3).
 19 § 2. Section 210-B of the tax law is amended by adding a new subdivi-
 20 sion 61 to read as follows:
 21 61. New York manufacturing adequate domestic equipment credit (NY
 22 MADE). A taxpayer shall be allowed a credit, to be computed as provided
 23 in s