|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to corporations, authorities and commissions|
|Jan 09, 2013||referred to corporations, authorities and commissions|
senate Bill S1252
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1252 - Details
S1252 - 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.
S1252 - Sponsor Memo
BILL NUMBER:S1252 TITLE OF BILL: 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 PURPOSE: This bill would, allow New York State to participate in the federal New Markets Tax Credit (NMTC) Program by creating the necessary authority for the Empire State Development Corporation (ESDC) to form limited liability companies. SUMMARY OF PROVISIONS: Section 1 of the bill would amend the opening paragraph of § 12 of § 1 of Chapter 174 of the Laws of 1968 constituting the New York State Urban Development Corporation (UDC) Act, to authorize ESDC to form LLCs pursuant to Limited Liability Company (LLC) Law § 203 for the sole purpose of the participation in the federal NMTC Program. This section would also provide that all projects awarded New Markets Tax
S1252 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1252 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ Introduced by Sen. PERKINS -- read twice and ordered printed, and when printed to be committed 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03582-01-3
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