Increases the portion of real property taxes that a manufacturer may take as a business franchise or personal income tax credit

This bill (A 6850) increases the tax credit for New York manufacturers from 20% to 100% of real property taxes paid on manufacturing facilities. It directly affects qualified New York manufacturers who own property primarily used for manufacturing. The key provision allows these businesses to apply the full amount of qualifying property taxes toward their business franchise or personal income tax credit, instead of just a portion. The change takes effect for taxable years beginning January 1, 2025.