Enacts the New York state green economic development zones act to offer special incentives and assistance that promote the development of new green businesses and expansion of existing businesses within designated green economic development zones in areas of Staten Island.

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S2471-2013 Actions

• May 22, 2013: REPORTED AND COMMITTED TO FINANCE
• Jan 17, 2013: REFERRED TO LOCAL GOVERNMENT

S2471-2013 Meetings

Local Government: May 22, 2013

S2471-2013 Votes

S2471-2013 Memo

BILL NUMBER:S2471                REVISED 1/29/13

TITLE  OF  BILL:   An act to amend the general municipal law and the tax
law, in relation to enacting the New York state green economic  develop-
ment zones act

PURPOSE OR GENERAL IDEA OF BILL: This legislation would create the Green
Enterprise  Trade  Zone,  which  is  a designated area in the commercial
and/or industrial zoned area of Staten Island, It would  attract  compa-
nies  producing goods and services for the Green Environmental Standards
that government is mandating and leverage green business strategies  and
green  technology,  with investment tax credits to accelerate investment
in our City and State green tech and clean tech developing industries.

SUMMARY OF SPECIFIC PROVISIONS:

Section 1. This act shall be known and may be cited  as  the  "New  York
state green economic development zones act"

Section  2. The general municipal law is amended by adding a new article
18-D

Section 3. Section 210 of the tax law is amended by adding a new  subdi-
vision 46

Sections  4 and 5 amend Section 606 of the tax law to allow for a thirty
percent credit of any business or investment capital spent by a qualify-
ing business within the Green Zone.

Section 6 amends Section 1456 of the tax  law  to  allow  for  a  thirty
percent credit of any business or investment capital spent by a qualify-
ing business within the Green Zone.

Section  7  amends  Section  1511  of  the tax law to allow for a thirty
percent credit of any business or investment capital spent by a qualify-
ing business within the Green Zone.

Section 8 states that the law shall take effect immediately.

JUSTIFICATION: The NYC Regional Council  designated  the  Staten  Island
Green Zone as one of eight priority projects for the City of New York in
its January 2012 report to the Governor. In addition, the Regional Coun-
cil  also  designated  the West Shore of Staten Island, which is home to
the proposed Green Zone, as an "opportunity Zone" meaning special atten-
tion from Staten funding  agencies  should  be  given  to  this  region,
including  funding through the Excelsior Tax Credit program. The Federal
Economic Development Administration recently awarded the  Staten  Island
Economic  Development  Corporation  $120,000 grant to study the proposed
Green Zone.

The Green Zone is a geographically  designated  area  of  Staten  Island
aimed  at attracting companies that produce Green goods and services, or
who utilize Green technology. The Green Zone attracts companies who work
within the sphere of smart growth and environmentally friendly  develop-
ment and research. The Green Zone acts as a "go to place" for the entre-
preneur  who is prepared to put their technology into production and the
market. Staten Island has a rich history of manufacturing and industrial
Production and a strong base for skilled labor. Advances in Green  tech-
nology  allow  for  increased and diversified employment and- production
on. Staten Island. Businesses that take measurable steps  in  increasing
energy   and  material  efficiency  will  be  the  standard-bearers  for
increased Green initiatives throughout the region. The  Green  Zone  and
the initiatives of Green Zone companies will educate local companies and
residents  about  the  Green economy. This education and availability of
resources will allow for efficiency retrofits, professional support  and
guidance  for  companies  seeking financial incentives for Green invest-
ment, promote Green Collar job retraining options,  improve  alternative
energy development, and attract Green businesses that create sustainable
employment opportunities for Islanders.

A  Green  Enterprise  Trade Zone is not unlike a Foreign Trade Zone. The
concept of a Foreign Trade Zone has been part  of  our  economic  scheme
since the 1930's. It exempted from tax, merchandise entering and leaving
the Foreign Trade Zone, promotes trade and economic development.

This  legislation  proposes  to  establish  a  Green  enterprise Zone to
encourage and develop the  green  technologies  necessary  to  slow  the
outflow  of  our  U.S.  dollars  to purchase foreign oil, to protect our
environment by encouraging the adoption of green business strategies and
the production of green technology  thus  creating  an  area  where  the
investment  community can focus on green product development, as well as
an area where green products can be manufactured. This zone will  estab-
lish  a  location where companies focusing on green economic development
can come together to individually and jointly spur development of a more
green state.

Most importantly, the Green Zone Act will provide a tax credit  for  the
businesses  that  invest  within  it, providing an incentive to relocate
within the zone and create the synergies of locating in a common area.

PRIOR LEGISLATIVE HISTORY: 2012: A.2219-E - Held  for  consideration  in
Ways and Means; S.5491-F - died in Finance, 2010: A.10662 (Hyer-Spencer)
-Died in Assembly Economic Development.

FISCAL IMPLICATIONS: To be determined.

EFFECTIVE DATE: This act shall take effect immediately.

S2471-2013 Text

                      S T A T E   O F   N E W   Y O R K
  ________________________________________________________________________

                                    2471

                         2013-2014 Regular Sessions

                              I N  SENATE

                              January 17, 2013
                                 ___________

  Introduced  by  Sen.  LANZA  -- read twice and ordered printed, and when
    printed to be committed to the Committee on Local Government

  AN ACT to amend the general municipal law and the tax law,  in  relation
    to enacting the New York state green economic development zones act

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


    Section 1. This act shall be known and may be cited as the  "New  York
  state green economic development zones act".
    S 2. The general municipal law is amended by adding a new article 18-D
  to read as follows:

                                 ARTICLE 18-D
                      GREEN ECONOMIC DEVELOPMENT ZONES

  SECTION 974. SHORT TITLE.
          974-A. LEGISLATIVE FINDINGS AND DECLARATION.
          974-B. DEFINITIONS.
          974-C. RESPONSIBILITIES OF THE COMMISSIONER.
    S  974.   SHORT TITLE. THIS ARTICLE SHALL BE KNOWN AND MAY BE CITED AS
  THE "NEW YORK STATE GREEN ECONOMIC DEVELOPMENT ZONES ACT".
    S 974-A.  LEGISLATIVE FINDINGS AND DECLARATION.   IT IS  HEREBY  FOUND
  AND  DECLARED  THAT  THERE EXISTS WITHIN THE STATE THE NEED TO STIMULATE
  EMPLOYMENT AND MORE EFFICIENT TRANSPORTATION BY UTILIZING  THE  EMERGING
  GREEN TECHNOLOGY THAT WILL REDUCE THE OUTPUT OF CARBON IN THE ATMOSPHERE
  OF  THE  STATE,  IMPROVE  THE  STATE'S ENVIRONMENTAL QUALITY OF LIFE AND
  GENERAL HEALTH OF THE RESIDENTS. THIS NEED REQUIRES THE STATE GOVERNMENT
  TO TARGET AREAS FOR EXTRAORDINARY ECONOMIC DEVELOPMENT PROGRAMS IN ORDER
  TO STIMULATE PRIVATE INVESTMENT, PRIVATE BUSINESS  DEVELOPMENT  AND  JOB
  CREATION.  IT  IS THE PUBLIC POLICY OF THE STATE TO OFFER SPECIAL INCEN-
  TIVES AND ASSISTANCE THAT WILL PROMOTE  THE  DEVELOPMENT  OF  NEW  GREEN
  BUSINESSES AND THE EXPANSION OF EXISTING BUSINESSES WITHIN PRE-DESIGNAT-
  ED  AREAS  AND  TO  DO SO WITHOUT ENCOURAGING THE RELOCATION OF BUSINESS

   EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                        [ ] is old law to be omitted.
                                                             LBD00777-01-3

 S. 2471                             2

  INVESTMENT FROM OTHER AREAS OF  THE  STATE.  IT  IS  FURTHER  FOUND  AND
  DECLARED  THAT  IT  IS  THE  PUBLIC POLICY OF THE STATE TO ACHIEVE THESE
  GOALS THROUGH THE MUTUAL COOPERATION OF ALL LEVELS OF  STATE  AND  LOCAL
  GOVERNMENT AND THE BUSINESS COMMUNITY.
    S  974-B.  DEFINITIONS.  AS  USED IN THIS ARTICLE, THE FOLLOWING TERMS
  SHALL HAVE THE FOLLOWING MEANINGS  UNLESS  THE  CONTEXT  SHALL  INDICATE
  ANOTHER OR DIFFERENT MEANING OR INTENT:

    (A)  "APPLICANT"  SHALL MEAN THE COUNTY, CITY, TOWN OR VILLAGE SUBMIT-
  TING AN APPLICATION IN THE MANNER AUTHORIZED BY  LOCAL  LAW  FOR  DESIG-
  NATION OF AN AREA AS A GREEN ECONOMIC DEVELOPMENT ZONE.
    (B)  "ENTERPRISE"  SHALL MEAN A BUSINESS ENTERPRISE THAT IS AUTHORIZED
  TO DO BUSINESS IN THIS STATE AND IS INDEPENDENTLY OWNED AND OPERATED AND
  FOUND TO COMPLY WITH GREEN ECONOMIC DEVELOPMENT ZONE CRITERIA.
    (C) "GREEN BUSINESS" SHALL MEAN A BUSINESS THAT PRIMARILY OPERATES  IN
  ONE  OR MORE OF FOUR AREAS: PRODUCTION, SERVICE AND REPAIR, RESEARCH AND
  DEVELOPMENT AND THE APPLICATION AND INSTALLATION OF GREEN  PRODUCTS  AND
  SERVICES. A GREEN PRODUCTION COMPANY IS A COMPANY DEALING PRIMARILY WITH
  THE MANUFACTURING AND DISTRIBUTION OF ENERGY EFFICIENCY TECHNOLOGIES AND
  GREENHOUSE  GAS EMISSION REDUCTION TECHNOLOGIES. GREEN PRODUCTION COMPA-
  NIES INCLUDE, BUT ARE NOT LIMITED TO, BIO FUEL DEVELOPMENT, SOLAR  PANEL
  PRODUCTION  OR  ASSEMBLY,  WIND  TURBINE  PRODUCTION OR ASSEMBLY, CARBON
  CAPTURE AND STORAGE MECHANISM, CLEAN  FUEL  VEHICLES,  RENEWABLE  ENERGY
  DEVELOPMENT,  OR  ENERGY EFFICIENCY TECHNOLOGIES. GREEN PRODUCTION SHALL
  ALSO INCLUDE, BUT SHALL NOT BE LIMITED TO, THE  FOLLOWING:    (1)  GREEN
  HOUSE  EMISSION  REDUCTION  TECHNOLOGIES;  (2) THE ASSEMBLY OF ESSENTIAL
  COMPONENTS FOR A CLEAN-FUELED VEHICLE; OR (3) ENERGY EFFICIENCY TECHNOL-
  OGIES; WHERE
    (A) "GREENHOUSE GAS EMISSION REDUCTION TECHNOLOGIES"  SHALL  MEAN  AND
  INCLUDE,  BUT  NOT  BE  LIMITED TO: (I) COGENERATION TECHNOLOGIES, WHICH
  SHALL MEAN ANY ONE OF THE SEVERAL TECHNOLOGIES WHEREIN WASTE  HEAT  FROM
  ON-SITE ELECTRICAL GENERATION PROCESSES IS RECOVERED TO PROVIDE STEAM OR
  HOT WATER TO MEET ON-SITE NEEDS, SUCH AS HEATING AND/OR AIR CONDITIONING
  AND  WHICH  ATTAINS  OVERALL  SYSTEM  EFFICIENCY  AS  ESTABLISHED BY THE
  DEPARTMENT OF ENVIRONMENTAL CONSERVATION, CONSIDERING BOTH  THERMAL  AND
  ELECTRICAL  PROCESSES TOGETHER; (II) FURNACE AND BOILER REPLACEMENTS AND
  RETROFITS, PROVIDED THAT THE NEW OR  RETROFITTED  FURNACES  AND  BOILERS
  SHALL NOT AT ANY TIME OPERATE ON DIESEL FUEL WITH SULFUR CONTENT GREATER
  THAN  0.05 PERCENT BY WEIGHT; (III) THE PRODUCTION OF CLEAN-FUELED VEHI-
  CLES OR THE CONVERSION OF EXISTING VEHICLES  TO  CLEAN-FUELED  VEHICLES;
  AND  (IV)  OTHER  MEASURES  THAT  WILL  REDUCE THE DEMAND FOR AND/OR THE
  CONSUMPTION OF ENERGY INCLUDING FUELS, AS DETERMINED BY  THE  DEPARTMENT
  OF  ENVIRONMENTAL  CONSERVATION  WITH THE NEW YORK STATE ENERGY RESEARCH
  AND DEVELOPMENT AUTHORITY;
    (B) "CLEAN-FUELED VEHICLE" SHALL MEAN ANY MOTOR VEHICLE AS DEFINED  IN
  SECTION  ONE  HUNDRED  TWENTY-FIVE  OF THE VEHICLE AND TRAFFIC LAW, THAT
  USES ELECTRICITY,  INCLUDING  ELECTRICITY  EITHER  STORED  OR  GENERATED
  ON-BOARD, AS ITS PRIMARY MOTIVE FORCE, OR THAT IS FUELED BY NATURAL GAS,
  PROPANE, HYDROGEN OR ANY OTHER NON-CARBON PRODUCING FUEL;
    (C)  "ENERGY  EFFICIENCY  TECHNOLOGIES"  SHALL  MEAN TECHNOLOGIES THAT
  REDUCE THE CONSUMPTION OF ELECTRICITY INCLUDING BUT NOT LIMITED TO:  (I)
  REPLACEMENT OF INEFFICIENT LIGHTING FIXTURES; (II) APPLIANCES AND EQUIP-
  MENT  THAT MEET ENERGY EFFICIENCY PERFORMANCE STANDARDS AS IDENTIFIED IN
  ARTICLE SIXTEEN OF THE ENERGY LAW; AND (III) OTHER  SUCH  MEASURES  THAT
  WILL  REDUCE  THE DEMAND FOR AND/OR CONSUMPTION OF ELECTRICITY AS DETER-
  MINED BY THE NEW YORK STATE ENERGY AND RESEARCH DEVELOPMENT AUTHORITY;

 S. 2471                             3

    (D) "RENEWABLE ENERGY DEVELOPMENT" SHALL MEAN THE PURCHASE AND INSTAL-
  LATION OF TECHNOLOGIES DESIGNED TO CONVERT RENEWABLE ENERGY  INTO  ELEC-
  TRICITY  OR  OTHER END USES, WHERE RENEWABLE ENERGY SHALL MEAN RENEWABLE
  ENERGY RESOURCES AS DEFINED IN SUBDIVISION TWELVE OF  SECTION  1-103  OF
  THE ENERGY LAW;
    (E)  "GREEN  SERVICE  AND  REPAIR"  SHALL  MEAN ANY COMPANY THAT DEALS
  PRIMARILY WITH THE PROVISION OF SERVICES TO OTHER COMPANIES OR  INDIVID-
  UALS  IN  A  SUSTAINABLE  OR  ENERGY EFFICIENT MANNER. GREEN SERVICE AND
  REPAIR COMPANIES INCLUDE, BUT ARE NOT LIMITED TO,  THOSE  OFFERING  SUCH
  SERVICES  AS  GREEN ROOFING, LEED CERTIFICATION AND INSPECTION SERVICES,
  THE GREEN BUILDING INITIATIVE'S GREEN GLOBES SYSTEM, USE AND SALE OF LOW
  VOC PAINTS, LOW ENERGY RADIANT FLOORING, WHITE, COATED,  OR  GREEN  ROOF
  INSTALLATION,  RECOVERY AND RECYCLING PROCESSING, REPLACEMENT OF INEFFI-
  CIENT TECHNOLOGIES, CLEAN-FUEL VEHICLE SALES  AND  REPAIR,  COGENERATION
  TECHNOLOGY  INSTALLATION  AND  REPAIR,  AND  GREEN  LEGAL  AND FINANCIAL
  SERVICES;
    (F) "GREEN RESEARCH AND DEVELOPMENT" SHALL MEAN ANY ENTITY THAT  WORKS
  PRIMARILY TO DISCOVER NEW KNOWLEDGE ABOUT GREEN PRODUCTS, PROCESSES, AND
  SERVICES,  AND  THEN  APPLIES  THAT KNOWLEDGE TO CREATE NEW AND IMPROVED
  GREEN PRODUCTS, PROCESSES, AND SERVICES THAT FILL  MARKET  NEEDS.  GREEN
  RESEARCH  AND  DEVELOPMENT  PROJECTS  INCLUDE,  BUT  ARE NOT LIMITED TO,
  STUDIES INVOLVING IMPROVEMENTS TO RENEWABLE ENERGY TECHNOLOGY, SUSTAINA-
  BLE FARMING OR LANDSCAPING PROCESSES, WATER  CONSERVATION  TECHNOLOGIES,
  ENERGY EFFICIENCY TECHNOLOGY IMPROVEMENTS, ALTERNATIVE FUEL DEVELOPMENT,
  COST-BENEFIT ANALYSES OF SUSTAINABLE PRACTICES, ENERGY RETURN ON INVEST-
  MENT, GREEN EDUCATION OUTREACH, AND URBAN SUSTAINABILITY PRACTICES; AND
    (G)  "GREEN  APPLICATION  AND  INSTALLATION"  IS THE ACT OF A PROPERTY
  OWNER OR TENANT INSTALLING OR USING A  TYPE  OF  GREEN  TECHNOLOGY  THAT
  RESULTS  IN  GREENHOUSE GAS EMISSION REDUCTION OR ANY OTHER ENERGY EFFI-
  CIENCY TECHNOLOGIES AND SHALL ALSO INCLUDE  CERTAIN  WORK  PERFORMED  BY
  NON-MANUFACTURING  AND  SERVICE  COMPANIES  AS  DEFINED BY THIS SECTION.
  GREEN APPLICATION AND INSTALLATION INCLUDES,  BUT  IS  NOT  LIMITED  TO,
  SOLAR  PANEL  INSTALLATION,  COGENERATION TECHNOLOGY RETROFITTING, GREEN
  ROOF INSTALLATION, LOW FLOW WATER FIXTURE INSTALLATION, CLEAN-FUEL VEHI-
  CLE UTILIZATION, GREENHOUSE GAS EMISSIONS REDUCTION TECHNOLOGY  UTILIZA-
  TION, ENERGY EFFICIENCY TECHNOLOGY UTILIZATION, AND LEED CERTIFICATION.
    (D)  "COMMISSIONER"  SHALL  MEAN THE COMMISSIONER OF ECONOMIC DEVELOP-
  MENT.
    (E) "GREEN ZONE" SHALL MEAN THE AREA OF STATEN ISLAND DEFINED  BY  THE
  FOLLOWING  AREA  BASED  ON THE NEW YORK CITY DEPARTMENT OF CITY PLANNING
  ZONING MAPS: BEGINNING AT THE INTERSECTION OF THE NORTH SIDE OF THE FOOT
  OF THE GOETHALS BRIDGES AND THE US PIERHEAD AND  BULKHEAD  LINE;  THENCE
  RUNNING  EASTERLY  3,214.78 FEET ALONG AND PARALLEL TO NORTH SIDE OF THE
  GOETHALS BRIDGE EXTENSION TO THE CENTERLINE OF  WESTERN  AVENUE;  THENCE
  RUNNING  NORTH  93.71  FEET  TO  THE CENTER LINE OF GOETHALS ROAD NORTH;
  THENCE RUNNING EAST 5,909.12 FEET ALONG AND PARALLEL TO THE  SOUTH  SIDE
  OF  GOETHALS  ROAD  NORTH  TO CENTERLINE OF SOUTH AVENUE; THENCE RUNNING
  SOUTH 433.81 FEET ALONG AND PARALLEL THE WEST SIDE OF  SOUTH  AVENUE  TO
  THE  CENTERLINE  OF  FAHEY AVENUE; THENCE RUNNING EAST 424.89 FEET ALONG
  AND PARALLEL TO THE SOUTH SIDE OF FAHEY  AVENUE  TO  THE  CENTERLINE  OF
  FELTON STREET; THENCE RUNNING SOUTH 1,314.02 FEET ALONG AND PARALLEL THE
  WEST  SIDE  OF  FELTON STREET TO THE CENTERLINE OF LAMBERTS LANE; THENCE
  RUNNING SOUTH 790.62 ALONG THE FELTON STREET LINE TO THE INTERSECTION OF
  GRAHAM AVENUE AND LANDER AVENUE;  THENCE  RUNNING  SOUTH  3,413.10  FEET
  ALONG  AND  PARALLEL TO THE WEST SIDE OF GRAHAM AVENUE TO THE CENTERLINE
  OF VICTORY BOULEVARD; THENCE RUNNING SOUTHEAST 3,114.21 ALONG  THE  WEST

 S. 2471                             4

  SIDE  OF  VICTORY  BOULEVARD  TO THE CENTERLINE OF TRAVIS AVENUE; THENCE
  RUNNING EAST 5,030.20 FEET ALONG AND PARALLEL THE SOUTH SIDE  OF  TRAVIS
  AVENUE  TO  THE  CENTERLINE  OF  RICHMOND  AVENUE;  THENCE RUNNING SOUTH
  12,265.02  ALONG AND PARALLEL TO THE WEST SIDE OF RICHMOND AVENUE TO THE
  CENTERLINE OF ARTHUR KILL ROAD; THENCE RUNNING WEST 23,752.19 FEET ALONG
  AND PARALLEL THE NORTH SIDE OF ARTHUR KILL ROAD  TO  THE  CENTERLINE  OF
  ELLIS ROAD; THENCE RUNNING NORTH 3,571 FEET ALONG THE LINE OF ELLIS ROAD
  TO  THE POINT OF THE US PIERHEAD AND BULKHEAD LINE; THENCE RUNNING NORTH
  47,725.83 FEET ALONG AND PARALLEL TO THE EAST SIDE OF  THE  US  PIERHEAD
  AND BULKHEAD LINE TO THE POINT AND PLACE OF THE BEGINNING.
    S 974-C. RESPONSIBILITIES OF THE COMMISSIONER. THE COMMISSIONER SHALL:

    (A)  PROMULGATE  REGULATIONS, IN CONSULTATION WITH THE COMMISSIONER OF
  LABOR, FOR PROGRAM EVALUATION AND COORDINATE IMPLEMENTATION OF AN EVALU-
  ATION SYSTEM, WHICH IS CAPABLE OF COMPILING AND ANALYZING  ACCURATE  AND
  CONSISTENT  INFORMATION NECESSARY FOR AN ASSESSMENT OF WHETHER STATUTORY
  OBJECTIVES AND CRITERIA ARE BEING MET;
    (B) DESIGNATE BUSINESSES AS MEETING THE CRITERIA OF A GREEN  BUSINESS;
  AND
    (C) REVIEW PERFORMANCE OBJECTIVES AND PROGRESS IN MEETING OBJECTIVES.
    S 3. Section 210 of the tax law is amended by adding a new subdivision
  46 to read as follows:

    46.  GREEN  ZONE  TAX  REDUCTION  CREDIT.  (A)  ALLOWANCE OF CREDIT. A
  TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS CHAP-
  TER. SUCH CREDIT, TO BE  COMPUTED  AS  HEREINAFTER  PROVIDED,  SHALL  BE
  ALLOWED  FOR  A  QUALIFIED GREEN BUSINESS WITHIN A GREEN ZONE, OR A SOLE
  PROPRIETOR OF A QUALIFIED GREEN BUSINESS WITHIN A GREEN ZONE OR A MEMBER
  OF A PARTNERSHIP WHICH IS A QUALIFIED  GREEN  BUSINESS  WITHIN  A  GREEN
  ZONE.
    (B)  AMOUNT  OF  CREDIT.  THE  AMOUNT  OF THE CREDIT FOR TAXABLE YEARS
  BEGINNING ON OR AFTER JANUARY FIRST, TWO  THOUSAND  FOURTEEN,  SHALL  BE
  COMPUTED  AT  THIRTY  PERCENT  FOR EACH DOLLAR OF THE TOTAL BUSINESS AND
  INVESTMENT CAPITAL, OR THE PORTION THEREOF ALLOCATED  WITHIN  THE  GREEN
  ZONE,  AS SUCH TERM IS DEFINED IN SECTION NINE HUNDRED SEVENTY-FOUR-B OF
  THE GENERAL MUNICIPAL LAW. THIS CREDIT MAY ONLY BE TAKEN BY THE TAXPAYER
  IN ONE TAX YEAR AND ONCE USED MAY NOT BE USED AGAIN.
    S 4. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
  of  the  tax  law  is  amended  by adding a new clause (xxxv) to read as
  follows:

  (XXXV) GREEN ZONE TAX REDUCTION                AMOUNT OF CREDIT UNDER
  CREDIT UNDER SUBSECTION                        SUBDIVISION FORTY-SIX OF
  (VV)                                           SECTION TWO HUNDRED TEN
    S 5. Section 606 of the tax law is amended by adding a new  subsection
  (vv) to read as follows:

    (VV)  GREEN ZONE TAX REDUCTION CREDIT. (1) A TAXPAYER SHALL BE ALLOWED
  A CREDIT, TO BE  COMPUTED  AS  HEREINAFTER  PROVIDED,  AGAINST  THE  TAX
  IMPOSED  BY  THIS ARTICLE, WHERE THE TAXPAYER IS A QUALIFIED GREEN BUSI-
  NESS WITHIN A GREEN ZONE, OR A SOLE  PROPRIETOR  OF  A  QUALIFIED  GREEN
  BUSINESS  WITHIN  A  GREEN  ZONE OR A MEMBER OF A PARTNERSHIP WHICH IS A
  QUALIFIED GREEN BUSINESS WITHIN A GREEN ZONE.
    (2) AMOUNT OF CREDIT. THE AMOUNT  OF  THE  CREDIT  FOR  TAXABLE  YEARS
  BEGINNING  ON  OR  AFTER  JANUARY FIRST, TWO THOUSAND FOURTEEN, SHALL BE
  COMPUTED AT THIRTY PERCENT FOR EACH DOLLAR OF  THE  TOTAL  BUSINESS  AND
  INVESTMENT  CAPITAL,  OR  THE PORTION THEREOF ALLOCATED WITHIN THE GREEN
  ZONE, AS SUCH TERM IS DEFINED IN SECTION NINE HUNDRED SEVENTY-FOUR-B  OF
  THE GENERAL MUNICIPAL LAW. THIS CREDIT MAY ONLY BE TAKEN BY THE TAXPAYER
  IN ONE TAX YEAR AND ONCE USED MAY NOT BE USED AGAIN.

 S. 2471                             5

    S 6. Section 1456 of the tax law is amended by adding a new subsection
  (z) to read as follows:

    (Z) GREEN ZONE TAX REDUCTION CREDIT. (1) A TAXPAYER SHALL BE ALLOWED A
  CREDIT,  TO BE COMPUTED AS HEREINAFTER PROVIDED, AGAINST THE TAX IMPOSED
  BY THIS ARTICLE, WHERE THE TAXPAYER IS A QUALIFIED GREEN BUSINESS WITHIN
  A GREEN ZONE, OR A SOLE PROPRIETOR OF A QUALIFIED GREEN BUSINESS  WITHIN
  A  GREEN  ZONE  OR  A MEMBER OF A PARTNERSHIP WHICH IS A QUALIFIED GREEN
  BUSINESS WITHIN A GREEN ZONE.
    (2) AMOUNT OF CREDIT. THE AMOUNT  OF  THE  CREDIT  FOR  TAXABLE  YEARS
  BEGINNING  ON  OR  AFTER  JANUARY FIRST, TWO THOUSAND FOURTEEN, SHALL BE
  COMPUTED AT THIRTY PERCENT FOR EACH DOLLAR OF  THE  TOTAL  BUSINESS  AND
  INVESTMENT  CAPITAL,  OR  THE PORTION THEREOF ALLOCATED WITHIN THE GREEN
  ZONE, AS SUCH TERM IS DEFINED IN SECTION NINE HUNDRED SEVENTY-FOUR-B  OF
  THE GENERAL MUNICIPAL LAW. THIS CREDIT MAY ONLY BE TAKEN BY THE TAXPAYER
  IN ONE TAX YEAR AND ONCE USED MAY NOT BE USED AGAIN.
    S  7.  Section 1511 of the tax law is amended by adding a new subdivi-
  sion (cc) to read as follows:

    (CC) GREEN ZONE TAX REDUCTION CREDIT. (1) A TAXPAYER SHALL BE  ALLOWED
  A  CREDIT,  TO  BE  COMPUTED  AS  HEREINAFTER  PROVIDED, AGAINST THE TAX
  IMPOSED BY THIS ARTICLE, WHERE THE TAXPAYER IS A QUALIFIED  GREEN  BUSI-
  NESS  WITHIN  A  GREEN  ZONE,  OR A SOLE PROPRIETOR OF A QUALIFIED GREEN
  BUSINESS WITHIN A GREEN ZONE OR A MEMBER OF A  PARTNERSHIP  WHICH  IS  A
  QUALIFIED GREEN BUSINESS WITHIN A GREEN ZONE.
    (2)  AMOUNT  OF  CREDIT.  THE  AMOUNT  OF THE CREDIT FOR TAXABLE YEARS
  BEGINNING ON OR AFTER JANUARY FIRST, TWO  THOUSAND  FOURTEEN,  SHALL  BE
  COMPUTED  AT  THIRTY  PERCENT  FOR EACH DOLLAR OF THE TOTAL BUSINESS AND
  INVESTMENT CAPITAL, OR THE PORTION THEREOF ALLOCATED  WITHIN  THE  GREEN
  ZONE,  AS SUCH TERM IS DEFINED IN SECTION NINE HUNDRED SEVENTY-FOUR-B OF
  THE GENERAL MUNICIPAL LAW. THIS CREDIT MAY ONLY BE TAKEN BY THE TAXPAYER
  IN ONE TAX YEAR AND ONCE USED MAY NOT BE USED AGAIN.
    S 8. This act shall take effect immediately.