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Assembly Bill A10032A

2009-2010 Legislative Session

Authorizes the NYSUDC to form a limited liability company for the purpose of certification as a community development entity under the New Markets tax credit program

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Archive: Last Bill Status - In Assembly Committee

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Bill Amendments

co-Sponsors

2009-A10032 - Details

See Senate Version of this Bill:
S7462
Current Committee:
Assembly Ways And Means
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §12, UDC Act
Versions Introduced in Other Legislative Sessions:
2011-2012: A3470, S2416
2013-2014: S1252

2009-A10032 - Summary

Authorizes the corporation to form a limited liability company for the purpose of certification as a community development entity under the New Markets tax credit program.

2009-A10032 - Sponsor Memo

2009-A10032 - Bill Text download pdf 

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

                                  10032

                          I N  A S S E M B L Y

                            February 25, 2010
                               ___________

Introduced  by  M. of A. BRODSKY -- (at request of the Governor) -- read
  once and referred to the Committee on  Corporations,  Authorities  and
  Commissions

AN  ACT  to  amend  chapter 174 of the laws of 1968 constituting the New
  York state urban development corporation act, in relation to authoriz-
  ing the corporation to form a limited liability company for a specific
  purpose

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

  Section  1.  The  opening  paragraph of subdivision 1 of section 12 of
section 1 of chapter 174 of the laws of 1968 constituting the  New  York
state  urban  development  corporation act, as amended by chapter 281 of
the laws of 1970, is amended to read as follows:
  The corporation shall have the  right  to  exercise  and  perform  its
powers  and  functions  through one or more subsidiary corporations. The
corporation by resolution may direct any of its directors,  officers  or
employees  to  organize  a subsidiary corporation pursuant to either the
business corporation law, the not-for-profit corporation law or articles
two, four or eleven of the private housing  finance  law.    THE  CORPO-
RATION,  BY  RESOLUTION,  MAY  DIRECT ANY OF ITS DIRECTORS, OFFICERS, OR
EMPLOYEES TO FORM A LIMITED LIABILITY COMPANY PURSUANT TO SECTION 203 OF
THE LIMITED LIABILITY COMPANY LAW FOR THE SOLE PURPOSE OF  CERTIFICATION
AS,  AND PERFORMANCE OF ALL FUNCTIONS OF, A COMMUNITY DEVELOPMENT ENTITY
UNDER THE NEW MARKETS TAX CREDIT PROGRAM AND TO  DO  ANY  OTHER  ACT  OR
THING  INCIDENTAL  TO  OR  CONNECTED  WITH  THE FOREGOING PURPOSES OR IN
ADVANCEMENT THEREOF. Such resolution shall prescribe  the  purposes  for
which such subsidiary corporation is to be formed.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD12184-01-0

co-Sponsors

2009-A10032A (ACTIVE) - Details

See Senate Version of this Bill:
S7462
Current Committee:
Assembly Ways And Means
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §12, UDC Act
Versions Introduced in Other Legislative Sessions:
2011-2012: A3470, S2416
2013-2014: S1252

2009-A10032A (ACTIVE) - Summary

Authorizes the corporation to form a limited liability company for the purpose of certification as a community development entity under the New Markets tax credit program.

2009-A10032A (ACTIVE) - Bill Text download pdf 

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

                                10032--A

                          I N  A S S E M B L Y

                            February 25, 2010
                               ___________

Introduced  by M. of A. BRODSKY, HOYT -- (at request of the Governor) --
  read once and referred to the Committee on  Corporations,  Authorities
  and  Commissions -- reported and referred to the Committee on Ways and
  Means -- committee discharged,  bill  amended,  ordered  reprinted  as
  amended and recommitted to said committee

AN  ACT  to  amend  chapter 174 of the laws of 1968 constituting the New
  York state urban development corporation act, in relation to authoriz-
  ing the corporation to form a limited liability company for a specific
  purpose and providing for the repeal of such provisions  upon  expira-
  tion thereof

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

  Section 1. Subdivision 1 of section 12 of section 1 of chapter 174  of
the  laws  of  1968  constituting  the  New York state urban development
corporation act, is amended by adding  three  unnumbered  paragraphs  to
read as follows:
  THE CORPORATION, BY RESOLUTION, MAY DIRECT ANY OF ITS DIRECTORS, OFFI-
CERS,  OR  EMPLOYEES  TO  FORM  A  LIMITED LIABILITY COMPANY PURSUANT TO
SECTION 203 OF THE LIMITED LIABILITY COMPANY LAW FOR THE SOLE PURPOSE OF
CERTIFYING AND PERFORMING AS A COMMUNITY DEVELOPMENT ENTITY  THAT  WOULD
BE  ELIGIBLE  TO  RECEIVE  AN  ALLOCATION  OF  TAX CREDITS UNDER THE NEW
MARKETS TAX CREDIT PROGRAM. SUCH A LIMITED LIABILITY COMPANY  SHALL  ACT
SOLELY IN RELATION TO PROJECTS SELECTED BY THE CORPORATION, OR A SUBSID-
IARY  OF  THE  CORPORATION,  TO RECEIVE TAX CREDITS FROM A FEDERAL ALLO-
CATION TO THE CORPORATION, OR A SUBSIDIARY OF THE CORPORATION, UNDER THE
NEW MARKETS TAX CREDIT PROGRAM AND TO DO ANY OTHER ACT  OR  THING  INCI-
DENTAL  TO  OR  CONNECTED  WITH  THE FORGOING PURPOSES OR IN ADVANCEMENT
THEREOF, PROVIDED THAT THE CORPORATION, OR A SUBSIDIARY  OF  THE  CORPO-
RATION,  SHALL  BE THE MANAGING MEMBER OF EACH LIMITED LIABILITY COMPANY
CREATED BY THE CORPORATION.
  ALL PROJECTS AWARDED NEW MARKETS TAX CREDITS BY THE CORPORATION  OR  A
SUBSIDIARY  THEREOF SHALL BE SUBMITTED TO THE PUBLIC AUTHORITIES CONTROL
BOARD FOR APPROVAL, IN ACCORDANCE WITH THE PROVISIONS OF SECTION  51  OF
THE PUBLIC AUTHORITIES LAW.

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

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