A5634-2011 Actions

• Jan 4, 2012: referred to ways and means
• Feb 24, 2011: referred to ways and means

A5634-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         5634
 2011-2012 Regular Sessions
 I N  ASSEMBLY
 February 24, 2011
 
 Introduced by M. of A. MURRAY -- read once and referred to the Committee
 on Ways and Means
 

AN ACT to amend the tax law, in relation to creating a downtown revital
 ization zone investment tax credit
 

THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM
 BLY, DO ENACT AS FOLLOWS:

 

Section 1.

Section 210 of the tax law  is  amended  by  adding  a  new
 subdivision 25-b to read as follows:

 25-B.  DOWNTOWN  REVITALIZATION  ZONE  INVESTMENT  TAX  CREDIT.  (A) A
 TAXPAYER SHALL BE ALLOWED  A  CREDIT,  TO  BE  COMPUTED  AS  HEREINAFTER
 PROVIDED,  AGAINST  THE TAX IMPOSED BY THIS ARTICLE, FOR THE DEVELOPMENT
 TO EXISTING DOWNTOWN ZONES INCLUDING, BUT NOT LIMITED TO,  THE  PURCHASE
 OF  BUILDINGS  AND  REHABILITATIONS OF BUILDINGS IN SUCH DOWNTOWN ZONES.
 THE AMOUNT OF THE CREDIT SHALL BE TWENTY PERCENT OF THE PURCHASE OF  ANY
 BUILDINGS  AND REHABILITATIONS OR PROJECTS COMPLETED WHICH ARE PURCHASED
 AND COMPLETED DURING THE TAXABLE YEAR, SUCH  CREDIT  NOT  EXCEEDING  THE
 AMOUNT  SET  FORTH  IN  PARAGRAPH  (C) OF THIS SUBDIVISION OR THE AMOUNT
 DEEMED BY THE COMMISSIONER TO BE NECESSARY FOR PROJECT  FEASIBILITY.  TO
 DETERMINE  PROJECT  FEASIBILITY,  THE  COMMISSIONER  SHALL  CONSIDER THE
 EXTENT OF THE NEED TO THE DOWNTOWN ZONE, THE VISION AND  PLANS  FOR  THE
 REVITALIZATION  OF  THE  DOWNTOWN  AREA, AND THE DEMONSTRATED ABILITY TO
 UTILIZE RESOURCES EFFECTIVELY.
 (B) NOTHING IN THIS SUBDIVISION SHALL BE CONSTRUED TO PREVENT  TWO  OR
 MORE  TAXPAYERS  OR TWO OR MORE QUALIFYING RECIPIENTS FROM PARTICIPATING
 JOINTLY IN ONE OR MORE PROJECTS UNDER THE PROVISIONS OF THIS SUBDIVISION
 NOR SHALL IT BE CONSTRUED TO PREVENT ANY BUSINESS FROM PARTICIPATING  IN
 ONE OR MORE PROJECTS.
 (C)  THE  SUM OF ALL TAX CREDITS GRANTED PURSUANT TO THE PROVISIONS OF
 THIS SUBDIVISION SHALL NOT EXCEED FIVE HUNDRED THOUSAND DOLLARS ANNUALLY
 FOR ANY ONE TAXPAYER INCLUDING SUCH PARTY'S AFFILIATES AND RELATED ENTI
 TIES AS DETERMINED BY THE COMMISSIONER, UNLESS THE  COMMISSIONER  DETER
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08383-01-1
 
       A. 5634                             2
 MINES  THAT  THE  TOTAL  AMOUNT  OF THE TAX CREDITS ALLOWED TO TAXPAYERS
 SHALL BE UNDER-UTILIZED IN ANY ONE FISCAL YEAR.
 (D)  FOR  THE  PURPOSES OF THIS SUBDIVISION, THE TERM "DOWNTOWN ZONES"
 SHALL MEAN THAT PORTION OF THE COMMUNITY (I) WHICH CONTAINS  THE  TRADI
 TIONAL  OR  HISTORIC  BUSINESS CORE OF A COMMUNITY, (II) IS CONCENTRATED
 WITH RETAIL ACTIVITY AND WHERE  OFFICE,  RESIDENTIAL  AND  INSTITUTIONAL
 USES  MAY  BE  FOUND,  (III)  WHERE  STORES  ARE  INDIVIDUALLY OWNED AND
 MANAGED, AND (IV) WHERE ON-STREET PARKING IS OFTEN SUPPLEMENTED BY  OFF
 STREET PARKING FACILITIES THAT ARE USUALLY LOCATED BEHIND THE STORES AND
 IN MUNICIPAL PARKING LOTS.
 

S 2. This act shall take effect on the one hundred twentieth day after
 it  shall have become a law; provided, however, that the commissioner of
 taxation and finance shall promulgate any rules and  regulations  neces
 sary for the timely implementation of this act on or before such date.

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