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Assembly Bill A3470

2011-2012 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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2011-A3470 (ACTIVE) - Details

See Senate Version of this Bill:
S2416
Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd ยง12, UDC Act
Versions Introduced in Other Legislative Sessions:
2009-2010: A10032, S7462
2013-2014: S1252

2011-A3470 (ACTIVE) - Summary

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

2011-A3470 (ACTIVE) - Bill Text download pdf 

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

                                  3470

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            January 25, 2011
                               ___________

Introduced  by  M. of A. HOYT -- read once and referred to the Committee
  on Corporations, Authorities and Commissions

AN ACT to amend the New York state urban development corporation act, in
  relation to authorizing the corporation to form  a  limited  liability
  company  for  a  specific purpose and providing for the repeal of such
  provisions upon expiration 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 undesignated 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.
                                                           LBD07004-01-1

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