Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 24, 2010 |
referred to ways and means |
Assembly Bill A10024
2009-2010 Legislative Session
Sponsored By
JAFFEE
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
Robin Schimminger
Kenneth Zebrowski
Nancy Calhoun
Ann Rabbitt
2009-A10024 (ACTIVE) - Details
- See Senate Version of this Bill:
- S7171
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§210 & 606, Tax L
2009-A10024 (ACTIVE) - Sponsor Memo
BILL NUMBER:A10024 TITLE OF BILL: An act to amend the tax law, in relation to empire zones PURPOSE OR GENERAL IDEA OF BILL: Authorize taxpayers certified as an empire zone business immediately preceding the day the empire zones program expired to be deemed certified until April 1, 2014. SUMMARY OF SPECIFIC PROVISIONS: Extend the enhanced investment tax cred- it until 2014 for businesses certified under the Empire Zone. JUSTIFICATION: The. enhanced Investment Tax Credit (ITC) is available to manufacturers under the Empire Zone (EZ) program for production equip- ment related to manufacture of product at zone location. ITC is an important incentive under the EZ program. ITC will no longer be avail- able to certified businesses, businesses that were promised this incen- tive when they made this investment, after the EZ program sunsets in June, even though other incentives will still be available until each agreement expires. This is a downgrade of incentives. A number of businesses are in the process of making a decision whether or not to locate/ invest in NYS. This is an immediate legislative solution to maintain and attract businesses and employees. No action could kill many projects and jobs. The NYSDE indicates that the Division of Budget did not count the
2009-A10024 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10024 I N A S S E M B L Y February 24, 2010 ___________ Introduced by M. of A. JAFFEE, SCHIMMINGER, ZEBROWSKI, CALHOUN, RABBITT -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to empire zones THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 12-B of section 210 of the tax law is amended by adding a new paragraph (g) to read as follows: (G) NOTWITHSTANDING THE EXPIRATION OF THE EMPIRE ZONES PROGRAM UNDER ARTICLE EIGHTEEN-B OF THE GENERAL MUNICIPAL LAW, A TAXPAYER THAT IS CERTIFIED AS AN EMPIRE ZONE BUSINESS PURSUANT TO SUCH ARTICLE EIGHTEEN-B ON THE DAY IMMEDIATELY PRECEDING THE DAY THE EMPIRE ZONES PROGRAM EXPIRED SHALL CONTINUE TO BE DEEMED CERTIFIED UNDER SUCH ARTICLE EIGH- TEEN-B FOR PURPOSES OF THIS SUBDIVISION UNTIL APRIL FIRST, TWO THOUSAND FOURTEEN. IN ADDITION THE AREAS DESIGNATED AS EMPIRE ZONES IN WHICH THE TAXPAYER IS CERTIFIED AS AN EMPIRE ZONE BUSINESS ON THE DAY IMMEDIATELY PRECEDING THE DAY THE EMPIRE ZONES PROGRAM EXPIRED SHALL CONTINUE TO BE DEEMED EMPIRE ZONES FOR PURPOSES OF THIS SUBDIVISION UNTIL APRIL FIRST, TWO THOUSAND FOURTEEN. S 2. Subsection (j) of section 606 of the tax law is amended by adding a new paragraph 7 to read as follows: (7) NOTWITHSTANDING THE EXPIRATION OF THE EMPIRE ZONES PROGRAM UNDER ARTICLE EIGHTEEN-B OF THE GENERAL MUNICIPAL LAW, A TAXPAYER THAT IS CERTIFIED AS AN EMPIRE ZONE BUSINESS PURSUANT TO SUCH ARTICLE EIGHTEEN-B ON THE DAY IMMEDIATELY PRECEDING THE DAY THE EMPIRE ZONES PROGRAM EXPIRED SHALL CONTINUE TO BE DEEMED CERTIFIED UNDER SUCH ARTICLE EIGH- TEEN-B FOR PURPOSES OF THIS SUBSECTION UNTIL APRIL FIRST, TWO THOUSAND FOURTEEN. IN ADDITION THE AREAS DESIGNATED AS EMPIRE ZONES IN WHICH THE TAXPAYER IS CERTIFIED AS AN EMPIRE ZONE BUSINESS ON THE DAY IMMEDIATELY PRECEDING THE DAY THE EMPIRE ZONES PROGRAM EXPIRED SHALL CONTINUE TO BE DEEMED EMPIRE ZONES FOR PURPOSES OF THIS SUBSECTION UNTIL APRIL FIRST, TWO THOUSAND FOURTEEN. S 3. Subdivision 12-C of section 210 of the tax law is amended by adding a new paragraph (d) to read as follows: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD16103-01-0
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