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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S5491D-2011 Actions

• Jun 6, 2012: REPORTED AND COMMITTED TO FINANCE
• May 11, 2012: PRINT NUMBER 5491F
• May 11, 2012: AMEND AND RECOMMIT TO LOCAL GOVERNMENT
• Apr 25, 2012: PRINT NUMBER 5491E
• Apr 25, 2012: AMEND AND RECOMMIT TO LOCAL GOVERNMENT
• Apr 4, 2012: PRINT NUMBER 5491D
• Apr 4, 2012: AMEND AND RECOMMIT TO LOCAL GOVERNMENT
• Mar 9, 2012: PRINT NUMBER 5491C
• Mar 9, 2012: AMEND (T) AND RECOMMIT TO LOCAL GOVERNMENT
• Jan 23, 2012: PRINT NUMBER 5491B
• Jan 23, 2012: AMEND AND RECOMMIT TO LOCAL GOVERNMENT
• Jan 4, 2012: REFERRED TO LOCAL GOVERNMENT
• Jun 9, 2011: PRINT NUMBER 5491A
• Jun 9, 2011: AMEND AND RECOMMIT TO LOCAL GOVERNMENT
• May 25, 2011: REFERRED TO LOCAL GOVERNMENT

S5491D-2011 Votes

S5491D-2011 Memo

BILL NUMBER:S5491D

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 development 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 companies 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 of this bill states the name of the act.

Section 2 of this bill establishes the types of green businesses that
are covered under the act and establishes the Green Zone location
within Staten Island. It also grants the commissioner of economic
development the authority to establish rules and regulations.

Section 3 amends Section 210 of the tax law to allow for a thirty
percent credit of any business or investment capital spent by a
qualifying business within the Green Zone.

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 qualifying 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
qualifying 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
qualifying 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
Council also designated the West Shore of Staten Island, which is
home to the proposed Green Zone, as an "Opportunity Zone" meaning

special attention 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 development and research. The Green Zone acts as a "go to
place" for the entrepreneur 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 technology 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 investment, 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 establish 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:
2010: A.10662 - Died in Assembly Economic Development

FISCAL IMPLICATIONS:
To be determined.

EFFECTIVE DATE:
This act shall take effect immediately.

S5491D-2011 Text

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

                                   5491--D

                         2011-2012 Regular Sessions

                              I N  SENATE

                                May 25, 2011
                                 ___________

  Introduced  by  Sen.  LANZA  -- read twice and ordered printed, and when
    printed to be committed  to  the  Committee  on  Local  Government  --
    committee  discharged,  bill amended, ordered reprinted as amended and
    recommitted to said committee -- recommitted to the Committee on Local
    Government in accordance with Senate  Rule  6,  sec.  8  --  committee
    discharged, bill amended, ordered reprinted as amended and recommitted
    to  said  committee  --  committee  discharged,  bill amended, ordered
    reprinted as amended and recommitted to said  committee  --  committee
    discharged, bill amended, ordered reprinted as amended and recommitted
    to said committee

  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

   EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                        [ ] is old law to be omitted.
                                                             LBD04764-11-2

 S. 5491--D                          2

  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
  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;

 S. 5491--D                          3

    (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;
    (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 INCLUDES SOLAR,  WIND,
  TIDAL,  FUEL  CELL,  GEOTHERMAL  AND  HYDROGEN,  BUT  DOES  NOT  INCLUDE
  COMBUSTION OR PYROLYSIS OF SOLID WASTE AS DEFINED IN SECTION 27-0701  OF
  THE ENVIRONMENTAL CONSERVATION LAW OR ELECTRICITY GENERATED FROM NUCLEAR
  POWER PLANTS;
    (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

 S. 5491--D                          4

  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
  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 14,266.19 FEET ALONG
  AND  PARALLEL  THE  NORTH  SIDE OF ARTHUR KILL ROAD TO THE CENTERLINE OF
  ROSSVILLE AVENUE; THENCE RUNNING NORTH 650 FEET ALONG THE LINE OF  ROSS-
  VILLE  AVENUE  TO THE POINT OF THE US PIERHEAD AND BULKHEAD LINE; THENCE
  RUNNING NORTH 34,553.83 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
  45 to read as follows:

    45.  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  THIRTEEN,  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 (xxxiv) to read as
  follows:

  (XXXIV) GREEN ECONOMIC DEVELOPMENT ZONE        AMOUNT OF CREDIT UNDER
  CREDIT UNDER SUBSECTION                        SUBDIVISION FORTY-FIVE OF
  (UU)                                           SECTION TWO HUNDRED TEN
    S 5. Section 606 of the tax law is amended by adding a new  subsection
  (uu) to read as follows:

    (UU)  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

 S. 5491--D                          5

  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  THIRTEEN,  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 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  THIRTEEN,  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 THIRTEEN, 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.