Assembly Bill A3213

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

                                  3213

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            January 23, 2009
                               ___________

Introduced  by  M.  of  A.  EDDINGTON  --  read once and referred to the
  Committee on Ways and Means

AN ACT to amend the tax law, in relation to creating a downtown revital-
  ization zone investment tax credit

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

  Section  1.  Section  210  of  the  tax law is amended by adding a new
subdivision 25-b to read as follows:
  25-B. DOWNTOWN  REVITALIZATION  ZONE  INVESTMENT  TAX  CREDIT.  (A)  A
TAXPAYER  SHALL  BE  ALLOWED  A  CREDIT,  TO  BE COMPUTED AS HEREINAFTER
PROVIDED, AGAINST THE TAX IMPOSED BY THIS ARTICLE, FOR  THE  DEVELOPMENT
TO  EXISTING  DOWNTOWN ZONES INCLUDING, BUT NOT LIMITED TO, THE PURCHASE
OF BUILDINGS AND REHABILITATIONS OF BUILDINGS IN  SUCH  DOWNTOWN  ZONES.
THE  AMOUNT OF THE CREDIT SHALL BE TWENTY PERCENT OF THE PURCHASE OF ANY
BUILDINGS AND REHABILITATIONS OR PROJECTS COMPLETED WHICH ARE  PURCHASED
AND  COMPLETED  DURING  THE  TAXABLE YEAR, SUCH CREDIT NOT EXCEEDING THE
AMOUNT SET FORTH IN PARAGRAPH (C) OF  THIS  SUBDIVISION  OR  THE  AMOUNT
DEEMED  BY  THE COMMISSIONER TO BE NECESSARY FOR PROJECT FEASIBILITY. TO
DETERMINE PROJECT  FEASIBILITY,  THE  COMMISSIONER  SHALL  CONSIDER  THE
EXTENT  OF  THE  NEED TO THE DOWNTOWN ZONE, THE VISION AND PLANS FOR THE
REVITALIZATION OF THE DOWNTOWN AREA, AND  THE  DEMONSTRATED  ABILITY  TO
UTILIZE RESOURCES EFFECTIVELY.
  (B)  NOTHING  IN THIS SUBDIVISION SHALL BE CONSTRUED TO PREVENT TWO OR
MORE TAXPAYERS OR TWO OR MORE QUALIFYING RECIPIENTS  FROM  PARTICIPATING
JOINTLY IN ONE OR MORE PROJECTS UNDER THE PROVISIONS OF THIS SUBDIVISION
NOR  SHALL IT BE CONSTRUED TO PREVENT ANY BUSINESS FROM PARTICIPATING IN
ONE OR MORE PROJECTS.
  (C) THE SUM OF ALL TAX CREDITS GRANTED PURSUANT TO THE  PROVISIONS  OF
THIS SUBDIVISION SHALL NOT EXCEED FIVE HUNDRED THOUSAND DOLLARS ANNUALLY
FOR ANY ONE TAXPAYER INCLUDING SUCH PARTY'S AFFILIATES AND RELATED ENTI-
TIES  AS  DETERMINED BY THE COMMISSIONER, UNLESS THE COMMISSIONER DETER-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04636-01-9
              

A. 3213                             2

MINES THAT THE TOTAL AMOUNT OF THE  TAX  CREDITS  ALLOWED  TO  TAXPAYERS
SHALL BE UNDER-UTILIZED IN ANY ONE FISCAL YEAR.
  (D)  FOR  THE  PURPOSES OF THIS SUBDIVISION, THE TERM "DOWNTOWN ZONES"
SHALL MEAN THAT PORTION OF THE COMMUNITY (I) WHICH CONTAINS  THE  TRADI-
TIONAL  OR  HISTORIC  BUSINESS CORE OF A COMMUNITY, (II) IS CONCENTRATED
WITH RETAIL ACTIVITY AND WHERE  OFFICE,  RESIDENTIAL  AND  INSTITUTIONAL
USES  MAY  BE  FOUND,  (III)  WHERE  STORES  ARE  INDIVIDUALLY OWNED AND
MANAGED, AND (IV) WHERE ON-STREET PARKING IS OFTEN SUPPLEMENTED BY  OFF-
STREET PARKING FACILITIES THAT ARE USUALLY LOCATED BEHIND THE STORES AND
IN MUNICIPAL PARKING LOTS.
  S 2. This act shall take effect on the one hundred twentieth day after
it  shall have become a law; provided, however, that the commissioner of
taxation and finance shall promulgate any rules and  regulations  neces-
sary for the timely implementation of this act on or before such date.