New York A 6850: Grants a tax deferment for persons sixty-five years of age or older who own and occupy real property in N.Y. city

Bill Text

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A06850 Summary:

BILL NOA06850 

&nbsp

SAME ASNo Same As

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SPONSORPalmesano

&nbsp

COSPNSRBarclay, Blankenbush, Brabenec, Hawley, Morinello, Reilly, Tague

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MLTSPNSR

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Amd §§210-B & 606, Tax L

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Increases from 20% to 100% the portion of real property taxes that a manufacturer may take as a business franchise or personal income tax credit.

Go to top A06850 Actions:

BILL NOA06850 

&nbsp

03/14/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA06850 Committee&nbspVotes:

Go to topA06850 Floor&nbspVotes:

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

Go to topA06850 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6850

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 14, 2025
 ___________

 Introduced by M. of A. PALMESANO, BARCLAY, BLANKENBUSH, BRABENEC,
 HAWLEY, MORINELLO, REILLY, TAGUE -- read once and referred to the
 Committee on Ways and Means

 AN ACT to amend the tax law, in relation to increasing the amount of the
 business franchise and personal income tax credits for real property
 taxes paid by qualified manufacturers

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

 1 Section 1. Paragraph (a) of subdivision 43 of section 210-B of the tax
 2 law, as added by section 17 of part A of chapter 59 of the laws of 2014,
 3 is amended to read as follows:
 4 (a) A qualified New York manufacturer, as defined in subparagraph (vi)
 5 of paragraph (a) of subdivision one of section two hundred ten of this
 6 article, will be allowed a credit equal to [twenty] one hundred percent
 7 of the real property tax it paid during the taxable year for real prop-
 8 erty owned by such manufacturer in New York which was principally used
 9 during the taxable year for manufacturing to the extent not deducted in
 10 determining entire net income. This credit will not be allowed if the
 11 real property taxes that are the basis for this credit are included in
 12 the calculation of another credit claimed by the taxpayer.
 13 § 2. Paragraph 1 of subsection (xx) of section 606 of the tax law, as
 14 amended by section 8 of part I of chapter 59 of the laws of 2015, is
 15 amended to read as follows:
 16 (1) A qualified New York manufacturer will be allowed a credit equal
 17 to [twenty] one hundred percent of the real property tax it paid during
 18 the taxable year for real property owned by such manufacturer in New
 19 York which was principally used during the taxable year for manufactur-
 20 ing to the extent not deducted in computing New York adjusted gross
 21 income. This credit will not be allowed if the real property taxes that
 22 are the basis for this credit are included in the calculation of another
 23 credit claimed by the taxpayer.
 24 § 3. This act shall take effect immediately and shall apply to taxable
 25 years commencing on or after January 1, 2025.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08899-01-5

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