|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to investigations and government operations|
|Jan 05, 2011||referred to investigations and government operations|
senate Bill S497
Archive: Last Bill Status - In Senate Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S497 - Details
- Law Section:
- Tax Law
- Laws Affected:
- Amd §210, Tax L
- Versions Introduced in 2009-2010 Legislative Session:
S497 - Summary
Establishes the economic resurgence initiative credit for taxpayers allowed a credit under the investment tax credit with respect to property, the acquisition, construction, reconstruction or erection of which commenced on or after January 1, 2011; allows the taxpayer to elect the economic resurgence initiative credit; sets forth calculation procedures.
S497 - Sponsor Memo
BILL NUMBER:S497 TITLE OF BILL: An act to amend the tax law, in relation to establishing the economic resurgence initiative credit PURPOSE: The legislation would create an elective provision permitting a taxpayer to convert a portion of the taxpayer's previously earned -- but not used -- Investment Tax Credit into a new credit called the Economic Resurgence Initiative Credit. SUMMARY OF PROVISIONS: The legislation would create an elective provision permitting a taxpayer to convert a portion of the taxpayer's previously earned -- but not used -- Investment Tax Credit into a new credit called the Economic Resurgence Initiative Credit. The amount of Investment Tax Credit authorized for conversion would be limited on a sliding scale basis; no conversion at all would be authorized for Investment Tax credits that have been carried forward for nine or fewer taxable years. Notwithstanding the amount of Investment Tax Credit eligible for conversion under the sliding scale, that eligible amount would be limited yet further to no more than the taxpayer's new expenditures in
S497 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 497 2011-2012 Regular Sessions I N S E N A T E (PREFILED) January 5, 2011 ___________ Introduced by Sen. ROBACH -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to establishing the economic resurgence initiative 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 12-H to read as follows: 12-H. ECONOMIC RESURGENCE INITIATIVE CREDIT. (A) WHERE A TAXPAYER IS ALLOWED A CREDIT UNDER THE INVESTMENT TAX CREDIT (ITC) PURSUANT TO SUBDIVISION TWELVE OF THIS SECTION WITH RESPECT TO PROPERTY, THE ACQUI- SITION, CONSTRUCTION, RECONSTRUCTION, OR ERECTION OF WHICH COMMENCED ON OR AFTER THE FIRST DAY OF JANUARY, TWO THOUSAND ELEVEN, THE TAXPAYER MAY WAIVE THE RIGHT TO USE ALL OR A PORTION OF THE EXPENDITURE FOR SUCH PROPERTY ELIGIBLE FOR THE INVESTMENT TAX CREDIT AND ELECT, TO THE EXTENT OF THE AMOUNT OF SUCH PROPERTY EXPENDITURE FOR WHICH THE TAXPAYER HAS WAIVED ELIGIBILITY UNDER THE INVESTMENT TAX CREDIT, IN LIEU THEREOF, A CREDIT DETERMINED UNDER THIS SUBDIVISION. (B) A TAXPAYER SHALL BE ALLOWED AN ECONOMIC RESURGENCE INITIATIVE CREDIT TO BE COMPUTED AS HEREINAFTER PROVIDED, AGAINST THE TAX IMPOSED BY THIS ARTICLE. THE TAXPAYER MAY CONVERT, ON AN ELECTIVE SLIDING SCALE BASIS AS DELINEATED IN PARAGRAPH (C) OF THIS SUBDIVISION EARNED, BUT NOT USED, INVESTMENT TAX CREDIT THAT HAS BEEN CARRIED-FORWARD FOR TEN OR MORE YEARS INTO A NEW CREDIT, KNOWN AS THE ECONOMIC RESURGENCE INITI- ATIVE CREDIT, UP TO THE AMOUNT EXPENDED IN THE SAME TAXABLE YEAR ON NEW INVESTMENT IN THIS STATE WHICH OTHERWISE IS ELIGIBLE FOR THE CREDIT UNDER SUBDIVISION TWELVE OF THIS SECTION. (C) THE AMOUNT OF EARNED, BUT NOT USED, INVESTMENT TAX CREDIT ELIGIBLE FOR CONVERSION SHALL BE CALCULATED AS FOLLOWS: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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