The New York State Senate

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

                                  8327

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              June 13, 2011
                               ___________

Introduced by M. of A. LENTOL -- read once and referred to the Committee
  on Economic Development

AN  ACT  to  amend the urban development corporation act, in relation to
  creating a north Brooklyn creative economic zone; and to amend the tax
  law, in relation to establishing tax credits for  the  north  Brooklyn
  creative economic zone

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

  Section 1. Section 1 of chapter 174 of the laws of 1968,  constituting
the  New  York  state  urban  development  corporation act is amended by
adding a new section 16-u to read as follows:
  S 16-U. NORTH BROOKLYN CREATIVE ECONOMIC ZONE. 1.  DEFINITIONS.    FOR
PURPOSES OF THIS SECTION:
  (A)  "CREATIVE  BUSINESS"  SHALL MEAN ANY CURRENT OR NEW BUSINESS THAT
DEVELOPS PLANS TO ADD JOBS TO THE LOCAL ECONOMY WHILE CREATING NEW TECH-
NOLOGY OR NEW PRODUCT DESIGN AND  WHICH  HAS  SUCCESSFULLY  APPLIED  FOR
PATENTS  IN THE TECHNOLOGY OR DESIGN THAT IT IS DEVELOPING OR HAS DEVEL-
OPED.
  (B) "MIXED-USE BUILDING" SHALL MEAN ANY SINGLE  BUILDING  THAT  HOUSES
RESIDENTIAL  AND  BUSINESS  SPACE SHARED BY FOUR OR MORE BUSINESSES OR A
NEW OR REDESIGNED BUILDING DESIGNED TO HOUSE SUCH USES.
  2. THE EMPIRE STATE DEVELOPMENT CORPORATION SHALL  ESTABLISH  A  NORTH
BROOKLYN CREATIVE ECONOMIC ZONE IN THE FOLLOWING GEOGRAPHICAL AREA:
  ALL  OF  THAT LAND WEST OF NEWTOWN CREEK AND, BEGINNING IN A SOUTHERLY
DIRECTION ON FLUSHING AVENUE TO BUSHWICK AVENUE AND THEN CONTINUING IN A
SOUTHEASTERLY DIRECTION TO ARION PLACE AND THEN CONTINUING IN  A  SOUTH-
WESTERLY  DIRECTION  TO  BROADWAY AND THEN CONTINUING IN A SOUTHEASTERLY
DIRECTION TO GATES AVENUE AND THEN CONTINUING IN A WESTERLY DIRECTION TO
FULTON AVENUE AND THEN CONTINUING IN A NORTHWESTERLY DIRECTION TO  FLAT-
BUSH AVENUE AND THEN CONTINUING IN A NORTHWESTERLY DIRECTION TO THE EAST
RIVER.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13050-01-1

A. 8327                             2

  3.  THE  CORPORATION  SHALL CREATE FOUR BUSINESS INCUBATORS WITHIN THE
ZONE CREATED IN SUBDIVISION TWO OF THIS SECTION, SPECIFIC TO DESIGN  AND
TECHNOLOGY,  TO  FOSTER  AND  GROW BUSINESSES THAT SEEK SHARED SPACE AND
RESOURCES.
  4.  THE  CORPORATION SHALL PROMOTE THE ESTABLISHMENT OF CREATIVE BUSI-
NESSES. OWNERS OF SUCH BUSINESS SHALL BE ELIGIBLE FOR TAX CREDITS  UNDER
SECTION 36 OF THE TAX LAW.
  5.  THE  CORPORATION  SHALL  CREATE A MENTORING PROGRAM WHEREIN ESTAB-
LISHED BUSINESSES LEND TIME AND/OR EXPERTISE TO NEW BUSINESSES WITH THIS
ZONE. BUSINESSES THAT PARTICIPATE AS MENTORS IN SUCH  MENTORING  PROGRAM
SHALL BE ELIGIBLE FOR TAX CREDITS UNDER SECTION 36 OF THE TAX LAW.
  S  2.  The  tax  law  is amended by adding a new section 36 to read as
follows:
  S 36. NORTH BROOKLYN CREATIVE ECONOMIC ZONE CREDIT. (A)  ALLOWANCE  OF
CREDIT. A TAXPAYER WHICH IS QUALIFIED CREATIVE BUSINESS, AS THAT TERM IS
DEFINED  IN  SECTION  SIXTEEN-U  OF THE NEW YORK STATE URBAN DEVELOPMENT
CORPORATION ACT, OR  WHICH  IS  A  QUALIFIED  MENTOR  PURSUANT  TO  SUCH
SECTION,  AND  WHICH IS SUBJECT TO TAX UNDER ARTICLE NINE, NINE-A, TWEN-
TY-TWO OR THIRTY-TWO OF THIS CHAPTER, SHALL BE ALLOWED A CREDIT  AGAINST
SUCH TAX, AS PROVIDED HEREIN:
  (1)  FOR  A  QUALIFIED  CREATIVE BUSINESS THE CREDIT SHALL EQUAL EIGHT
THOUSAND DOLLARS.
  (2) FOR A QUALIFIED MENTOR THE CREDIT SHALL EQUAL TWELVE THOUSAND FIVE
HUNDRED DOLLARS, PROVIDED THAT SUCH TAXPAYER PROVIDES DOCUMENTATION FROM
THE EMPIRE STATE DEVELOPMENT CORPORATION THAT SUCH TAXPAYER HAS  BEEN  A
MENTOR  FOR  A YEAR OR MORE AND THAT THE CREDIT IS SOUGHT SOLELY FOR THE
TAXABLE YEAR IN WHICH IT IS A MENTOR.
  (B) CARRYOVER. IF THE AMOUNT OF THE CREDIT,  AND  CARRYOVERS  OF  SUCH
CREDIT,  ALLOWABLE  UNDER  THIS  SUBDIVISION  FOR ANY TAXABLE YEAR SHALL
EXCEED THE TAXPAYER'S TAX FOR SUCH  YEAR,  SUCH  EXCESS  AMOUNT  MAY  BE
CARRIED  OVER  TO THE FIVE TAXABLE YEARS NEXT FOLLOWING THE TAXABLE YEAR
WITH RESPECT TO WHICH THE CREDIT IS ALLOWED AND MAY BE DEDUCTED FROM THE
TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
  (C) LIMITATIONS. THIS CREDIT MAY ONLY BE CLAIMED FOR THE TAXABLE  YEAR
IN WHICH THE GIFT WAS DELIVERED PURSUANT TO THE DELIVERY REQUIREMENTS OF
THIS  SECTION AND ONLY BY THE DONOR OF SUCH ANATOMICAL GIFT. THIS CREDIT
MAY ONLY BE CLAIMED ONCE.
  S 3. This act shall take effect immediately.