senate Bill S497

2011-2012 Legislative Session

Establishes the economic resurgence initiative credit

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to investigations and government operations
Jan 05, 2011 referred to investigations and government operations

S497 - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยง210, Tax L
Versions Introduced in 2009-2010 Legislative Session:
S938

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

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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