Assembly Bill A4924

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

                                  4924

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 10, 2009
                               ___________

Introduced by M. of A. BUTLER -- read once and referred to the Committee
  on Economic Development, Job Creation, Commerce and Industry

AN  ACT  to  amend  the  economic  development  law  and the tax law, in
  relation to establishing the growth in manufacturing incentive program

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

  Section  1.  Short title.  This act shall be known and may be cited as
the "growth in manufacturing incentive program".
  S 2. Legislative findings and intent. The legislature finds and deter-
mines that historically manufacturing firms have  helped  to  build  our
state.  Today,  manufacturing  jobs are an essential part of the state's
economy. Accordingly, the state should offer programs that foster growth
in this important sector of the  state  economy.  The  purpose  of  this
legislation  is  to establish a tax incentive program that would provide
tax credits to manufacturing firms that create new jobs in the  manufac-
turing sector over a specified period of time.
  S  3.  The economic development law is amended by adding a new article
13-A to read as follows:
                               ARTICLE 13-A
                GROWTH IN MANUFACTURING INCENTIVE PROGRAM

SECTION 255. DEFINITIONS.
        256. GROWTH IN MANUFACTURING INCENTIVE PROGRAM.
        257. SPECIAL PROVISIONS RELATING TO CERTIFIED MANUFACTURERS.
        258. REPORTING.
  S 225. DEFINITIONS. AS USED IN THIS ARTICLE, THE FOLLOWING  WORDS  AND
TERMS  SHALL  HAVE THE FOLLOWING MEANINGS UNLESS THE CONTENT SHALL INDI-
CATE ANOTHER OR DIFFERENT MEANING OR INTENT:
  1. "PROGRAM" SHALL MEAN THE GROWTH IN MANUFACTURING INCENTIVE  PROGRAM
ESTABLISHED PURSUANT TO THIS ARTICLE.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08169-01-9

              

A. 4924                             2

  2.  "MANUFACTURING FIRM" SHALL MEAN AN ENTERPRISE ENGAGED IN THE BUSI-
NESS OF PRODUCTION OF GOODS AND PRODUCTS FROM RAW MATERIALS.
  3.  "BENCHMARK"  SHALL  MEAN  A  SPECIFIC  NUMBER OF ELIGIBLE NEW JOBS
CREATED IN THE STATE PURSUANT TO THE PROGRAM.
  4. "GMI" SHALL MEAN GROWTH MANUFACTURING INCENTIVE.
  S 256. GROWTH IN MANUFACTURING INCENTIVE PROGRAM. 1. THERE  IS  HEREBY
CREATED  A  GROWTH IN MANUFACTURING INCENTIVE PROGRAM WITHIN THE DEPART-
MENT TO PROVIDE TECHNICAL AND FINANCIAL ASSISTANCE IN THE  FORM  OF  TAX
INCENTIVES  TO MANUFACTURING FIRMS THAT MEET SPECIFIED BENCHMARKS IN JOB
CREATION AS ESTABLISHED BY THE COMMISSIONER.
  2. THE  COMMISSIONER  SHALL  DETERMINE  ELIGIBILITY  REQUIREMENTS  FOR
PARTICIPATION  IN THE PROGRAM, PROVIDED, HOWEVER, THAT SUCH REQUIREMENTS
INCLUDE THE FOLLOWING:
  (A) AN APPLICANT SHALL HAVE MAINTAINED OFFICES WITHIN THE STATE FOR AT
LEAST FIVE YEARS PRIOR TO APPLICATION FOR PARTICIPATION IN THE PROGRAM;
  (B) AN APPLICANT MAY NOT PARTICIPATE IN THE PROGRAM IF DESIGNATED AS A
CERTIFIED BUSINESS LOCATED IN AN EMPIRE ZONE CREATED PURSUANT TO ARTICLE
EIGHTEEN-B OF THE GENERAL MUNICIPAL LAW;
  (C) AN APPLICANT THAT HAS PREVIOUSLY PARTICIPATED IN THE  PROGRAM  MAY
NOT REAPPLY FOR PARTICIPATION IN THE PROGRAM UNLESS IT CAN DOCUMENT THAT
AT  THE  TIME  OF ITS APPLICATION FOR PARTICIPATION, IT HAS MAINTAINED A
LEVEL OF EMPLOYMENT AT LEAST AS GREAT AS THE HIGHEST  LEVEL  DURING  ITS
PREVIOUS PARTICIPATION IN THE PROGRAM;
  3.  APPLICATIONS  FOR  PARTICIPATION  IN  THE  GROWTH IN MANUFACTURING
INCENTIVE PROGRAM SHALL BE IN THE FORM  AND  CONTAIN  SUCH  INFORMATION,
EXHIBITS  AND  SUPPORTING  DATA  AS  THE  COMMISSIONER MAY PRESCRIBE. NO
APPLICATIONS FOR PARTICIPATION SHALL BE ACCEPTED AFTER DECEMBER  THIRTY-
FIRST, TWO THOUSAND SIXTEEN.
  4. THE COMMISSIONER SHALL REVIEW ALL APPLICATIONS FOR PARTICIPATION IN
THE  PROGRAM FOR ELIGIBILITY AND SHALL REGISTER ELIGIBLE APPLICANTS. THE
COMMISSIONER SHALL PROVIDE EACH REGISTERED APPLICANT WITH BENCHMARKS  IN
JOB  CREATION THAT MUST BE ACHIEVED BY THE REGISTERED APPLICANT OVER THE
FOLLOWING FIVE YEARS. SUCH BENCHMARKS SHALL  BE  CONSISTENT  WITH  REGU-
LATIONS TO BE PRESCRIBED BY THE COMMISSIONER. EACH YEAR, EACH REGISTERED
APPLICANT SHALL SUBMIT TO THE COMMISSIONER AN ANNUAL REGISTRATION STATE-
MENT,  TOGETHER  WITH  SUCH INFORMATION, EXHIBITS AND SUPPORTING DATA AS
THE COMMISSIONER MAY REQUIRE. UPON SUBMISSION OF THE FIFTH ANNUAL REGIS-
TRATION STATEMENT, THE COMMISSIONER SHALL REVIEW THE  REGISTERED  APPLI-
CANT'S  FILE  FOR  ELIGIBILITY FOR THE TAX INCENTIVE.  IF THE REGISTERED
APPLICANT HAS MET EACH BENCHMARK IN JOB CREATION, THE COMMISSIONER SHALL
PROVIDE A CERTIFICATE FOR THE TAXABLE YEARS THAT THE APPLICANT IS ELIGI-
BLE FOR THE TAX CREDITS PURSUANT TO THIS ARTICLE. SUCH CERTIFICATE SHALL
INCLUDE A DESCRIPTION OF THE PROPERTY ELIGIBLE FOR THE BENEFIT  AND  THE
GROSS  SALARY OF EMPLOYEES THAT WILL BE COVERED BY THE WAGE CREDIT. SUCH
CERTIFICATION SHALL BE VALID FOR A TWO-YEAR PERIOD.
  S 257. SPECIAL PROVISIONS RELATING TO CERTIFIED MANUFACTURERS.  DURING
THE  CERTIFICATION  PERIOD,  THE  PARTICIPATING MANUFACTURING FIRM SHALL
RECEIVE THE FOLLOWING TAX CREDITS:
  1. FOR THE GMI PROPERTY TAX CREDIT, THE TAX CREDIT SHALL  BE  COMPUTED
PURSUANT TO SECTION TWENTY-FOUR-A OF THE TAX LAW;
  2.  FOR THE GMI WAGE CREDIT, THE TAX CREDIT SHALL BE COMPUTED PURSUANT
TO SECTION TWENTY-FOUR-B OF THE TAX LAW; AND
  3. FOR THE GMI ENERGY CREDIT, THE TAX CREDIT SHALL BE COMPUTED  PURSU-
ANT TO SECTION TWENTY-FOUR-C OF THE TAX LAW.
  S  258.  REPORTING.    THE  COMMISSIONER SHALL, ON OR BEFORE SEPTEMBER
FIRST, TWO THOUSAND TEN, AND ANNUALLY THEREAFTER, SUBMIT A REPORT TO THE

A. 4924                             3

GOVERNOR, THE TEMPORARY PRESIDENT OF THE  SENATE,  THE  SPEAKER  OF  THE
ASSEMBLY  AND THE MINORITY LEADERS OF THE SENATE AND THE ASSEMBLY ON THE
OPERATION AND ACCOMPLISHMENTS OF THE PROGRAM PROVIDED  FOR  PURSUANT  TO
THIS ARTICLE.
  S  4.  The  tax law is amended by adding three new sections 24-a, 24-b
and 24-c to read as follows:
  S 24-A. GMI PROPERTY TAX CREDIT. (A) ALLOWANCE OF CREDIT.  A  TAXPAYER
WHICH  HAS  RECEIVED  A  GMI  CERTIFICATE  FOR  THE TAXABLE YEAR, AND IS
SUBJECT TO TAX UNDER ARTICLE NINE-A OR TWENTY-TWO OF THIS CHAPTER  SHALL
BE  ALLOWED A CREDIT AGAINST SUCH TAX, PURSUANT TO THE PROVISIONS REFER-
ENCED IN SUBDIVISION (C) OF THIS SECTION, TO BE COMPUTED AS HEREINAFTER.
  (B) DEFINITION. THE TERM "ELIGIBLE REAL PROPERTY TAXES" SHALL MEAN TAX
IMPOSED ON REAL PROPERTY WHICH HAS BEEN CERTIFIED AS GMI PROPERTY PURSU-
ANT TO ARTICLE THIRTEEN-A OF THE ECONOMIC DEVELOPMENT LAW. IN  ADDITION,
THE  TERM  "ELIGIBLE  REAL  PROPERTY TAXES" INCLUDES PAYMENTS IN LIEU OF
TAXES MADE BY THE TAXPAYER TO THE STATE, A MUNICIPAL  CORPORATION  OR  A
PUBLIC  BENEFIT CORPORATION PURSUANT TO A WRITTEN AGREEMENT ENTERED INTO
BY THE TAXPAYER AND THE STATE, MUNICIPAL CORPORATION OR  PUBLIC  BENEFIT
CORPORATION.
  (C)  APPLICATION  OF  THE CREDIT. THE AMOUNT OF THE CREDIT SHALL EQUAL
THE PRODUCT (OR PRO RATA SHARE OF THE PRODUCT, IN THE CASE OF  A  MEMBER
OF A PARTNERSHIP) OF TEN PERCENT AND THE ELIGIBLE REAL PROPERTY TAXES.
  (1) ARTICLE 9-A: SECTION 210: SUBDIVISION 41,
  (2) ARTICLE 22: SECTION 606: SUBSECTION (QQ).
  S 24-B. GMI WAGE CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER WHICH HAS
RECEIVED  A  GMI CERTIFICATE FOR THE TAXABLE YEAR, AND IS SUBJECT TO TAX
UNDER ARTICLE NINE-A OR TWENTY-TWO OF THIS CHAPTER SHALL  BE  ALLOWED  A
CREDIT AGAINST SUCH TAX, PURSUANT TO THE PROVISIONS REFERENCED IN SUBDI-
VISION (C) OF THIS SECTION, TO BE COMPUTED AS HEREINAFTER.
  (B)  DEFINITION. THE TERM "ELIGIBLE WAGES" SHALL MEAN GROSS WAGES PAID
TO EMPLOYEES WHO HAVE BEEN CERTIFIED AS GMI EMPLOYEES PURSUANT TO  ARTI-
CLE THIRTEEN-A OF THE ECONOMIC DEVELOPMENT LAW.
  (C)  APPLICATION  OF  THE CREDIT. THE AMOUNT OF THE CREDIT SHALL EQUAL
THE PRODUCT (OR PRO RATA SHARE OF THE PRODUCT, IN THE CASE OF  A  MEMBER
OF A PARTNERSHIP) OF ONE PERCENT AND THE ELIGIBLE WAGES.
  (1) ARTICLE 9-A: SECTION 210: SUBDIVISION 42,
  (2) ARTICLE 22: SECTION 606: SUBSECTION (RR).
  S  24-C.  GMI ENERGY CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER WHICH
HAS RECEIVED A GMI CERTIFICATE FOR THE TAXABLE YEAR, AND IS  SUBJECT  TO
TAX  UNDER ARTICLE NINE-A OR TWENTY-TWO OF THIS CHAPTER SHALL BE ALLOWED
A CREDIT AGAINST SUCH TAX, PURSUANT  TO  THE  PROVISIONS  REFERENCED  IN
SUBDIVISION (D) OF THIS SECTION, TO BE COMPUTED AS HEREINAFTER.
  (B)  DEFINITION.  THE TERM "ELIGIBLE ENERGY COSTS" SHALL MEAN THE COST
OF ELECTRICITY, NATURAL GAS, OR ANY  OTHER  ENERGY  PRODUCT  OR  SERVICE
WHICH  THE TAXPAYER HAS USED AS PART OF THE OPERATION OF A GMI CERTIFIED
FACILITY PURSUANT TO ARTICLE THIRTEEN-A OF THE ECONOMIC DEVELOPMENT LAW.
  (C) THE LIMITATION SHALL BE THE  PRODUCT  OF  FIFTY  DOLLARS  AND  THE
NUMBER OF EMPLOYEES CERTIFIED AS GMI EMPLOYEES PURSUANT TO ARTICLE THIR-
TEEN-A OF THE ECONOMIC DEVELOPMENT LAW.
  (D)  APPLICATION  OF  THE CREDIT. THE AMOUNT OF THE CREDIT SHALL EQUAL
THE PRODUCT (OR PRO RATA SHARE OF THE PRODUCT, IN THE CASE OF  A  MEMBER
OF A PARTNERSHIP) OF ONE HUNDRED PERCENT AND THE ELIGIBLE ENERGY COSTS.
  (1) ARTICLE 9-A: SECTION 210: SUBDIVISION 43,
  (2) ARTICLE 22: SECTION 606: SUBSECTION (SS).
  S  5. Section 210 of the tax law is amended by adding three new subdi-
visions 41, 42 and 43 to read as follows:

A. 4924                             4

  41. GMI PROPERTY TAX CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER SHALL
BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN  SECTION  TWENTY-ONE,
AS  ADDED  BY CHAPTER SIX HUNDRED EIGHTY-SIX OF THE LAWS OF TWO THOUSAND
THREE, OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.
  (B)  CARRYOVERS.  THE  CREDIT  ALLOWED  UNDER THIS SUBDIVISION FOR ANY
TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE
HIGHER OF THE AMOUNTS PRESCRIBED IN PARAGRAPHS (C) AND (D)  OF  SUBDIVI-
SION ONE OF THIS SECTION. PROVIDED, HOWEVER, IF THE AMOUNT OF THIS CRED-
IT ALLOWABLE UNDER THIS SECTION FOR ANY TAXABLE YEAR REDUCES TAX TO SUCH
AMOUNT, ANY AMOUNT OF THE CREDIT NOT DEDUCTIBLE IN SUCH TAXABLE YEAR MAY
BE  CARRIED OVER TO THE FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED FROM
THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
  42. GMI WAGE CREDIT. (A) ALLOWANCE OF  CREDIT.  A  TAXPAYER  SHALL  BE
ALLOWED  A  CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION TWENTY-ONE, AS
ADDED BY CHAPTER SIX HUNDRED EIGHTY-SIX OF  THE  LAWS  OF  TWO  THOUSAND
THREE, OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.
  (B)  CARRYOVERS.  THE  CREDIT  ALLOWED  UNDER THIS SUBDIVISION FOR ANY
TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE
HIGHER OF THE AMOUNTS PRESCRIBED IN PARAGRAPHS (C) AND (D)  OF  SUBDIVI-
SION ONE OF THIS SECTION. PROVIDED, HOWEVER, IF THE AMOUNT OF THIS CRED-
IT ALLOWABLE UNDER THIS SECTION FOR ANY TAXABLE YEAR REDUCES TAX TO SUCH
AMOUNT, ANY AMOUNT OF THE CREDIT NOT DEDUCTIBLE IN SUCH TAXABLE YEAR MAY
BE  CARRIED OVER TO THE FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED FROM
THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
  43. GMI ENERGY CREDIT. (A) ALLOWANCE OF CREDIT. A  TAXPAYER  SHALL  BE
ALLOWED  A  CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION TWENTY-ONE, AS
ADDED BY CHAPTER SIX HUNDRED EIGHTY-SIX OF  THE  LAWS  OF  TWO  THOUSAND
THREE, OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.
  (B)  CARRYOVERS.  THE  CREDIT  ALLOWED  UNDER THIS SUBDIVISION FOR ANY
TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE
HIGHER OF THE AMOUNTS PRESCRIBED IN PARAGRAPHS (C) AND (D)  OF  SUBDIVI-
SION ONE OF THIS SECTION. PROVIDED, HOWEVER, IF THE AMOUNT OF THIS CRED-
IT ALLOWABLE UNDER THIS SECTION FOR ANY TAXABLE YEAR REDUCES TAX TO SUCH
AMOUNT, ANY AMOUNT OF THE CREDIT NOT DEDUCTIBLE IN SUCH TAXABLE YEAR MAY
BE  CARRIED OVER TO THE FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED FROM
THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
  S 6. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
of  the  tax  law, as amended by section 2 of part ZZ-1 of chapter 57 of
the laws of 2008, is amended to read as follows:
  (B) shall be treated as the owner of a new business  with  respect  to
such  share  if  the corporation qualifies as a new business pursuant to
paragraph (j) of subdivision twelve of section two hundred ten  of  this
chapter.

                                     The corporation's credit base under
                                     section two hundred ten or section
With respect to the following        fourteen hundred fifty-six of this
credit under this section:           chapter is:

(I) Investment tax credit under      Investment credit base or qualified
subsection (a)                       rehabilitation expenditures under
                                     subdivision twelve of section two
                                     hundred ten

(II) Empire zone investment          Cost or other basis under
tax credit under subsection (j)      subdivision twelve-B of section

A. 4924                             5

                                     two hundred ten

(III) Empire zone wage tax credit    Eligible wages under subdivision
under subsection (k)                 nineteen of section two hundred
                                     ten or subsection (e) of section
                                     fourteen hundred fifty-six

(IV) Empire zone capital tax         Qualified investments and
credit under subsection (l)          contributions under subdivision
                                     twenty of section two hundred ten
                                     or subsection (d) of section
                                     fourteen hundred fifty-six

(V) Agricultural property tax        Allowable school district property
credit under subsection (n)          taxes under subdivision twenty-two
                                     of section two hundred ten

(VI) Credit for employment of        Qualified first-year wages or
persons with disabilities            qualified second-year wages under
under subsection (o)                 subdivision twenty-three of
                                     section two hundred ten or
                                     subsection (f) of section
                                     fourteen hundred fifty-six

(VII) Employment incentive credit    Applicable investment credit base
under subsection (a-1)               under subdivision twelve-D of
                                     section two hundred ten

(VIII) Empire zone employment        Applicable investment credit
incentive credit under subsection    under subdivision twelve-C of
(j-1)                                section two hundred ten

(IX) Alternative fuels credit        Cost under subdivision twenty-four
under subsection (p)                 of section two hundred ten

(X) Qualified emerging technology    Applicable credit base under
company employment credit under      subdivision twelve-E of section
subsection (q)                       two hundred ten

(XI) Qualified emerging technology   Qualified investments under
company capital tax credit under     subdivision twelve-F of section
subsection (r)                       two hundred ten

(XII) Credit for purchase of an      Cost of an automated external
automated external defibrillator     defibrillator under subdivision
under subsection (s)                 twenty-five of section two hundred
                                     ten or subsection (j) of section
                                     fourteen hundred fifty-six

(XIII) Low-income housing credit     Credit amount under subdivision
under subsection (x)                 thirty of section two hundred ten
                                     or subsection (l) of section
                                     fourteen hundred fifty-six

A. 4924                             6

(XIV) Credit for transportation      Amount of credit under subdivision
improvement contributions under      thirty-two of section two hundred
subsection (z)                       ten or subsection (n) of section
                                     fourteen hundred fifty-six

(XV) QEZE credit for real property   Amount of credit under subdivision
taxes under subsection (bb)          twenty-seven of section two hundred
                                     ten or subsection (o) of section
                                     fourteen hundred fifty-six

(XVI) QEZE tax reduction credit      Amount of benefit period factor,
under subsection (cc)                employment increase factor and zone
                                     allocation factor (without regard
                                     to pro ration) under subdivision
                                     twenty-eight of section two hundred
                                     ten or subsection (p) of section
                                     fourteen hundred fifty-six and
                                     amount of tax factor as determined
                                     under subdivision (f) of section
                                     sixteen

(XVII) Green building credit under   Amount of green building credit
subsection (y)                       under subdivision thirty-one of
                                     section two hundred ten or
                                     subsection (m) of section fourteen
                                     hundred fifty-six

(XVIII) Credit for long-term care    Qualified costs under subdivision
insurance premiums under subsection  twenty-five-a of section two
(aa)                                 hundred ten or subsection (k) of
                                     section fourteen hundred fifty-six

(XIX) Brownfield redevelopment       Amount of credit under subdivision
credit under subsection (dd)         thirty-three of section two hundred
                                     ten or subsection (q) of section
                                     fourteen hundred fifty-six

(XX) Remediated brownfield credit    Amount of credit under subdivision
for real property taxes for          thirty-four of section two hundred
qualified sites under subsection     ten or subsection (r) of section
(ee)                                 fourteen hundred fifty-six

(XXI) Environmental remediation      Amount of credit under subdivision
insurance credit under subsection    thirty-five of section two hundred
(ff)                                 ten or subsection (s) of section
                                     fourteen hundred fifty-six

(XXII) Empire state film production  Amount of credit for qualified
credit under subsection (gg)         production costs in production of a
                                     qualified film under subdivision
                                     thirty-six of section two hundred
                                     ten

(XXIII) Qualified emerging           Qualifying expenditures and
technology company facilities,       development activities under

A. 4924                             7

operations and training credit       subdivision twelve-G of section two
under subsection (nn)                hundred ten

(XXIV) Security training tax credit  Amount of credit under subdivision
under subsection (ii)                thirty-seven of section two hundred
                                     ten or under subsection (t) of
                                     section fourteen hundred fifty-six

(XXV) Credit for qualified fuel      Amount of credit under subdivision
cell electric generating equipment   thirty-seven of section two hundred
expenditures under subsection (g-2)  ten or subsection (t) of section
                                     fourteen hundred fifty-six

(XXVI) Empire state commercial       Amount of credit for qualified
production credit under subsection   production costs in production of
(jj)                                 a qualified commercial under
                                     subdivision thirty-eight of
                                     section two hundred ten

(XXVII) Biofuel production tax       Amount of credit under subdivision
credit under subsection (jj)         thirty-eight of section two hundred
                                     ten

(XXVIII) Clean heating fuel credit   Amount of credit under subdivision
under subsection (mm)                thirty-nine of section two hundred
                                     ten

(XXIX) Credit for rehabilitation     Amount of credit under subdivision
of historic properties under         forty of [subsection] SECTION
subsection (oo)                      two hundred ten

(XXX) Credit for companies who       Amount of credit under subdivision
provide transportation to            forty of section two hundred ten
individuals with disabilities under
subsection (oo)

(XXXI) GMI PROPERTY TAX              AMOUNT OF GMI PROPERTY
CREDIT UNDER SUBSECTION              TAX CREDIT UNDER SUBDIVISION
(QQ)                                 FORTY-ONE OF SECTION TWO
                                     HUNDRED TEN

(XXXII) GMI WAGE CREDIT UNDER        AMOUNT OF GMI WAGE
SUBSECTION (RR)                      CREDIT UNDER SUBDIVISION
                                     FORTY-TWO OF SECTION
                                     TWO HUNDRED TEN

(XXXIII) GMI ENERGY CREDIT           AMOUNT OF GMI ENERGY
UNDER SUBSECTION (SS)                CREDIT UNDER SUBDIVISION
                                     FORTY-THREE OF SECTION
                                     TWO HUNDRED TEN
  S  7.  Section  606  of  the  tax  law  is amended by adding three new
subsections (qq), (rr) and (ss) to read as follows:
  (QQ) GMI PROPERTY TAX CREDIT. (1)  ALLOWANCE  OF  CREDIT.  A  TAXPAYER
SHALL  BE  ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION TWEN-
TY-ONE, AS ADDED BY CHAPTER SIX HUNDRED EIGHTY-SIX OF THE  LAWS  OF  TWO

A. 4924                             8

THOUSAND  THREE,  OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTI-
CLE.
  (2)  APPLICATION  OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF  TAX  TO  BE
CREDITED  OR  REFUNDED  IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO  INTEREST
SHALL BE PAID THEREON.
  (RR)  GMI  WAGE  CREDIT.  (1) ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE
ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION  TWENTY-ONE,  AS
ADDED  BY  CHAPTER  SIX  HUNDRED  EIGHTY-SIX OF THE LAWS OF TWO THOUSAND
THREE, OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.
  (2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT  ALLOWED  UNDER
THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
SUCH  YEAR,  THE  EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE
CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS  OF  SECTION  SIX
HUNDRED  EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST
SHALL BE PAID THEREON.
  (SS) GMI ENERGY CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER  SHALL  BE
ALLOWED  A  CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION TWENTY-ONE, AS
ADDED BY CHAPTER SIX HUNDRED EIGHTY-SIX OF  THE  LAWS  OF  TWO  THOUSAND
THREE, OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.
  (2)  APPLICATION  OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF  TAX  TO  BE
CREDITED  OR  REFUNDED  IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO  INTEREST
SHALL BE PAID THEREON.
  S 8. This act shall take effect on the one hundred eightieth day after
it shall have become a law and shall apply to taxable years beginning on
or  after January 1, 2010 and before January 1, 2019; provided, however,
that the addition, amendment and/or repeal of  any  rule  or  regulation
necessary  for  the implementation of this act on its effective date are
authorized and directed to be made on or before such date; and provided,
further, however that the empire  state  film  production  credit  under
subsection  (gg),  the  empire  state commercial production credit under
subsection (jj) and the credit for companies who provide  transportation
to individuals with disabilities under subsection (oo) of section 606 of
the  tax  law  contained  in section six of this act shall expire on the
same date as provided in section 9 of part P of chapter 60 of  the  laws
of  2004,  as amended, section 10 of part V of chapter 62 of the laws of
2006, as amended, and section 5 of chapter 522 of the laws of  2006,  as
amended, respectively.