Increases the allowable tax credit for real property taxes from 20% to 100% for New York manufacturers.

New York Assembly Bill A06850 amends the tax law to increase the allowable tax credit for real property taxes from 20% to 100% for qualified New York manufacturers. This credit applies to real property taxes paid during the taxable year for real property used for manufacturing, provided these taxes are not deducted in computing New York adjusted gross income. The credit cannot be claimed if the real property taxes are included in another credit claimed by the taxpayer. The amendment takes effect immediately and applies to taxable years starting on or after January 1, 2025.

Increases the allowable tax credit for real property taxes from 20% to 100% for New York manufacturers.

New York Assembly Bill A06850 amends the tax law to increase the allowable tax credit for real property taxes from 20% to 100% for qualified New York manufacturers. This credit applies to real property taxes paid during the taxable year for real property used for manufacturing, provided these taxes are not deducted in computing New York adjusted gross income. The credit cannot be claimed if the real property taxes are included in another credit claimed by the taxpayer. The amendment takes effect immediately and applies to taxable years starting on or after January 1, 2025.