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

                                  9821

                          I N  A S S E M B L Y

                            February 1, 2010
                               ___________

Introduced by M. of A. ALESSI -- 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-
MINES  THAT  THE  TOTAL  AMOUNT  OF THE TAX CREDITS ALLOWED TO TAXPAYERS
SHALL BE UNDER-UTILIZED IN ANY ONE FISCAL YEAR.

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

A. 9821                             2

  (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.