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Assembly Bill A10914

2009-2010 Legislative Session

Establishes city and county property tax relief exemptions; establishes tax incentive for investments in empire zones

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Archive: Last Bill Status - In Assembly Committee

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2009-A10914 (ACTIVE) - Details

Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Add §§425-b & 425-c, RPT L; amd §§210 & 606, Tax L; amd §964, add §958-a, Art 2-A §25, Gen Muni L
Versions Introduced in 2011-2012 Legislative Session:
A2050

2009-A10914 (ACTIVE) - Summary

Eliminates the $100,000 limit on certain types of investments in empire zone businesses, which may be taken as credits against the franchise tax on business corporations and personal income taxes; authorizes the owners of empire zone businesses to receive franchise tax on business corporations or personal income tax credits for qualified investments made in such businesses; grants a personal income tax credit for lease payments on and improvements made to a certified empire zone business; requires that prior to the designation of an empire zone capital corporation, a separate and distinct zone capital corporation fund must be established for the receipt and disbursement of the funds of the corporation

2009-A10914 (ACTIVE) - Sponsor Memo

2009-A10914 (ACTIVE) - Bill Text download pdf

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

                                  10914

                          I N  A S S E M B L Y

                             April 29, 2010
                               ___________

Introduced by M. of A. TEDISCO -- Multi-Sponsored by -- M. of A. BUTLER,
  CROUCH,  FITZPATRICK,  HAWLEY, QUINN, THIELE -- read once and referred
  to the Committee on Real Property Taxation

AN ACT to amend the real property tax law, in relation to establishing a
  city state-supported tax relief exemption and a county state-supported
  tax relief exemption; to amend the tax law and the  general  municipal
  law,  in  relation to tax credits for investments in empire zone busi-
  nesses; to amend the tax law, in relation to tax credits for qualified
  investments in empire zone businesses and a personal income tax credit
  for certain lease payments and improvements made  by  an  empire  zone
  taxpayer;  and  to  amend  the  general  municipal law, in relation to
  designation of city empire zones and empire zone capital corporations,
  and to establish a municipal cooperation program

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

  Section  1.  The  real  property  tax law is amended by adding two new
sections 425-b and 425-c to read as follows:
  S 425-B. CITY STATE-SUPPORTED TAX RELIEF (CITYSTAR) EXEMPTION. 1. REAL
PROPERTY SITUATE IN A CITY AND OWNED BY AN OWNER OR OWNERS  GRANTED  THE
SCHOOL   TAX   RELIEF   EXEMPTION,  PURSUANT  TO  SECTION  FOUR  HUNDRED
TWENTY-FIVE OF THIS TITLE, SHALL ALSO BE ELIGIBLE FOR A CITY  STATE-SUP-
PORTED REAL PROPERTY TAX EXEMPTION PURSUANT TO THIS SECTION FOR CITY TAX
YEARS  COMMENCING  ON  OR AFTER JANUARY FIRST, TWO THOUSAND THIRTEEN, IF
SUCH CITY MEETS THE FOLLOWING CRITERIA:
  (A) THE CITY HAS A POPULATION OF LESS THAN ONE MILLION, AS  DETERMINED
BY THE LATEST FEDERAL DECENNIAL CENSUS;
  (B)  THE LEGISLATIVE BODY OF SUCH CITY APPROVES A RESOLUTION PROVIDING
FOR SUCH CITY TAX RELIEF EXEMPTION;
  (C) (1) INCREASES IN TOTAL CITY EXPENDITURES DURING THE  CURRENT  YEAR
DO  NOT  EXCEED  THE  LESSER OF (I) ONE HUNDRED TWENTY PER CENTUM OF THE
TOTAL CITY EXPENDITURES FOR THE BASE YEAR  MULTIPLIED  BY  THE  CONSUMER
PRICE INDEX, OR (II) FOUR PERCENT.
  (2) FOR THE PURPOSES OF SUBPARAGRAPH ONE OF THIS PARAGRAPH, TOTAL CITY
EXPENDITURES SHALL NOT INCLUDE:

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

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