This bill has been amended

Bill S7675-2009

Relates to empire zones capital credit for contributions to qualified not-for-profit projects located in designated empire zones

Relates to empire zones capital credit for contributions to qualified not-for-profit projects located in designated empire zones.

Details

Actions

  • Jun 15, 2010: REPORTED AND COMMITTED TO RULES
  • Jun 8, 2010: REPORTED AND COMMITTED TO FINANCE
  • Apr 30, 2010: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Votes

VOTE: COMMITTEE VOTE: - Investigations and Government Operations - Jun 8, 2010
Ayes (8): Johnson C, Stachowski, Diaz, Klein, Espada, Winner, Golden, Nozzolio

Memo

 BILL NUMBER:  S7675

TITLE OF BILL : An act to amend the tax law, in relation to empire zones capital credit for contributions to qualified not-for-profit projects located in designated empire zones

PURPOSE : Provides for the seven year extension of benefits to support qualified not for profit-projects located in Empire Zones.

SUMMARY OF PROVISIONS : Section one provides for extension of benefits for corporate tax filers.

Section two provides for extension of benefits for those who file their taxes as individuals.

Section three provides extension of benefits for those who file tax returns as banks.

Section four provides for extension of benefits for those who file tax returns for those who file as insurance companies.

EXISTING LAW : This legislation provides for an extension to existing statute.

JUSTIFICATION : This unique tax credit, a little known part of the Empire Zone Program, would otherwise sunset with the Empire Zone program on June 30, 2010. According to not-for-profits throughout the State it has been a helpful tool in an organization's fundraising toolbox, especially for those located and/or offering services in distressed areas, in attracting investments and contributions.

LEGISLATIVE HISTORY : New bill.

FISCAL IMPLICATIONS : This legislation extends current law thus there would be no additional fiscal impact to the State.

EFFECTIVE DATE : Immediately.

Text

STATE OF NEW YORK ________________________________________________________________________ 7675 IN SENATE April 30, 2010 ___________
Introduced by Sens. STACHOWSKI, SERRANO, C. JOHNSON, VALESKY, FOLEY, THOMPSON, AUBERTINE -- read twice and ordered printed, and when print- ed to be committed to the Committee on Investigations and Government Operations AN ACT to amend the tax law, in relation to empire zones capital credit for contributions to qualified not-for-profit projects located in designated empire zones THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 20 of section 210 of the tax law is amended by adding a new paragraph (e) to read as follows: (E) NOTWITHSTANDING THE EXPIRATION OF THE EMPIRE ZONES PROGRAM UNDER ARTICLE EIGHTEEN-B OF THE GENERAL MUNICIPAL LAW, ANY COMMUNITY DEVELOP- MENT PROJECT CERTIFIED PURSUANT TO SUBPARAGRAPH THREE OF PARAGRAPH (A) OF THIS SUBDIVISION ON THE DAY IMMEDIATELY PRECEDING THE DAY THE EMPIRE ZONES PROGRAM EXPIRES SHALL CONTINUE TO BE DEEMED CERTIFIED UNTIL JUNE THIRTIETH, TWO THOUSAND SEVENTEEN. S 2. Subsection (l) of section 606 of the tax law is amended by adding a new paragraph 5 to read as follows: (5) NOTWITHSTANDING THE EXPIRATION OF THE EMPIRE ZONES PROGRAM UNDER ARTICLE EIGHTEEN-B OF THE GENERAL MUNICIPAL LAW, ANY COMMUNITY DEVELOP- MENT PROJECT CERTIFIED PURSUANT TO SUBPARAGRAPH (C) OF PARAGRAPH ONE OF THIS SUBSECTION ON THE DAY IMMEDIATELY PRECEDING THE DAY THE EMPIRE ZONES PROGRAM EXPIRES SHALL CONTINUE TO BE DEEMED CERTIFIED UNTIL JUNE THIRTIETH, TWO THOUSAND SEVENTEEN. S 3. Subdivision (d) of section 1456 of the tax law is amended by adding a new paragraph 5 to read as follows: (5) NOTWITHSTANDING THE EXPIRATION OF THE EMPIRE ZONES PROGRAM UNDER ARTICLE EIGHTEEN-B OF THE GENERAL MUNICIPAL LAW, ANY COMMUNITY DEVELOP- MENT PROJECT CERTIFIED PURSUANT TO SUBPARAGRAPH (C) OF PARAGRAPH ONE OF THIS SUBDIVISION ON THE DAY IMMEDIATELY PRECEDING THE DAY THE EMPIRE ZONES PROGRAM EXPIRES SHALL CONTINUE TO BE DEEMED CERTIFIED UNTIL JUNE THIRTIETH, TWO THOUSAND SEVENTEEN.
S 4. Subdivision (h) of section 1511 of the tax law is amended by adding a new paragraph 5 to read as follows: (5) NOTWITHSTANDING THE EXPIRATION OF THE EMPIRE ZONES PROGRAM UNDER ARTICLE EIGHTEEN-B OF THE GENERAL MUNICIPAL LAW, ANY COMMUNITY DEVELOP- MENT PROJECT CERTIFIED PURSUANT TO SUBPARAGRAPH (C) OF PARAGRAPH ONE OF THIS SUBDIVISION ON THE DAY IMMEDIATELY PRECEDING THE DAY THE EMPIRE ZONES PROGRAM EXPIRES SHALL CONTINUE TO BE DEEMED CERTIFIED UNTIL JUNE THIRTIETH, TWO THOUSAND SEVENTEEN. S 5. This act shall take effect immediately.

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