senate Bill S5491F

Enacts the New York state green economic development zones act

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 25 / May / 2011
    • REFERRED TO LOCAL GOVERNMENT
  • 09 / Jun / 2011
    • AMEND AND RECOMMIT TO LOCAL GOVERNMENT
  • 09 / Jun / 2011
    • PRINT NUMBER 5491A
  • 04 / Jan / 2012
    • REFERRED TO LOCAL GOVERNMENT
  • 23 / Jan / 2012
    • AMEND AND RECOMMIT TO LOCAL GOVERNMENT
  • 23 / Jan / 2012
    • PRINT NUMBER 5491B
  • 09 / Mar / 2012
    • AMEND (T) AND RECOMMIT TO LOCAL GOVERNMENT
  • 09 / Mar / 2012
    • PRINT NUMBER 5491C
  • 04 / Apr / 2012
    • AMEND AND RECOMMIT TO LOCAL GOVERNMENT
  • 04 / Apr / 2012
    • PRINT NUMBER 5491D
  • 25 / Apr / 2012
    • AMEND AND RECOMMIT TO LOCAL GOVERNMENT
  • 25 / Apr / 2012
    • PRINT NUMBER 5491E
  • 11 / May / 2012
    • AMEND AND RECOMMIT TO LOCAL GOVERNMENT
  • 11 / May / 2012
    • PRINT NUMBER 5491F
  • 06 / Jun / 2012
    • REPORTED AND COMMITTED TO FINANCE

Summary

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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Bill Details

See Assembly Version of this Bill:
A2219E
Versions:
S5491
S5491A
S5491B
S5491C
S5491D
S5491E
S5491F
Legislative Cycle:
2011-2012
Current Committee:
Senate Finance
Law Section:
General Municipal Law
Laws Affected:
Add Art 18-D §§974 - 974-c, Gen Muni L; amd §§210, 606, 1456 & 1511, Tax L
Versions Introduced in 2009-2010 Legislative Cycle:
A10662, A10662

Votes

8
0
8
Aye
0
Nay
0
aye with reservations
0
absent
0
excused
0
abstained
show Local Government committee vote details

Sponsor Memo

BILL NUMBER:S5491F

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 616 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.

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

                                 5491--F

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              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  --  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".

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04764-15-2

S. 5491--F                          2

  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
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;

S. 5491--F                          3

  (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;
  (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

S. 5491--F                          4

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
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
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 ZONE TAX REDUCTION               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:

S. 5491--F                          5

  (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
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.

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