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Senate Bill S4764

2009-2010 Legislative Session

Makes municipal clean energy research and development enterprises eligible for the qualified empire zone enterprise tax credit

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Archive: Last Bill Status - In Senate Committee Local Government Committee

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2009-S4764 (ACTIVE) - Details

Current Committee:
Senate Local Government
Law Section:
Tax Law
Laws Affected:
Amd ยงยง14 & 15, Tax L

2009-S4764 (ACTIVE) - Summary

Makes municipal clean energy research and development enterprises eligible for the qualified empire zone enterprise tax credit.

2009-S4764 (ACTIVE) - Sponsor Memo

2009-S4764 (ACTIVE) - Bill Text download pdf 

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

                                  4764

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             April 27, 2009
                               ___________

Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Local Government

AN ACT to amend the tax law, in relation to making municipal clean ener-
  gy research and development enterprises  eligible  for  the  qualified
  empire zone enterprise tax credit

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

  Section 1.  Section 14 of the tax law  is  amended  by  adding  a  new
subdivision (a-1) to read as follows:
  (A-1)  MUNICIPAL CLEAN ENERGY RESEARCH AND DEVELOPMENT ENTERPRISE. FOR
PURPOSES OF A CLEAN ENERGY RESEARCH AND DEVELOPMENT ENTERPRISE, WHICH IS
CERTIFIED UNDER ARTICLE EIGHTEEN-B OF THE GENERAL MUNICIPAL LAW  AND  IS
OWNED  AND  OPERATED  BY A MUNICIPAL CORPORATION, THE PROVISIONS OF THIS
SECTION AND SECTION FIFTEEN OF THIS ARTICLE  SHALL  BE  DEEMED  TO  ONLY
APPLY  TO  SUCH  ENTERPRISE  AND SHALL NOT APPLY TO THE MUNICIPAL CORPO-
RATION.
  S 2. Subdivision (a) of section 15 of  the  tax  law,  as  amended  by
section  5  of  part  A of chapter 63 of the laws of 2005, is amended to
read as follows:
  (a) Allowance of credit. A taxpayer which is a qualified  empire  zone
enterprise  (QEZE),  or which is a sole proprietor of a QEZE or a member
of a partnership which is a QEZE, and which  is  subject  to  tax  under
article  nine-A, twenty-two, thirty-two or thirty-three of this chapter,
shall be allowed a credit against such tax, pursuant to  the  provisions
referenced in subdivision (h) of this section, for eligible real proper-
ty  taxes.    PROVIDED, HOWEVER, THAT FOR THE PURPOSES OF A CLEAN ENERGY
RESEARCH AND DEVELOPMENT ENTERPRISE, A MUNICIPAL CORPORATION MAY QUALIFY
FOR THE REFUND OF THE CREDIT PROVIDED BY THIS SECTION  WITH  RESPECT  TO
ANY  REAL PROPERTY TAX EQUIVALENT PAID BY SUCH MUNICIPAL CORPORATION FOR
SAID ENTERPRISE.
  S 3. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04735-02-9

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