senate Bill S1252

2013-2014 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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Archive: Last Bill Status - In Senate Committee


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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to corporations, authorities and commissions
Jan 09, 2013 referred to corporations, authorities and commissions

S1252 - Details

Law Section:
New York State Urban Development Corporation Act
Laws Affected:
Amd §12, UDC Act
Versions Introduced in Previous Legislative Sessions:
2011-2012: S2416
2009-2010: S7462A

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

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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