S T A T E O F N E W Y O R K
________________________________________________________________________
5017
2015-2016 Regular Sessions
I N A S S E M B L Y
February 10, 2015
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Introduced by M. of A. McLAUGHLIN, AUBRY, TEDISCO, RA, CROUCH,
BROOK-KRASNY, JAFFEE, GIGLIO -- Multi-Sponsored by -- M. of A.
BARCLAY, DiPIETRO, DUPREY, GRAF, LOPEZ, McDONOUGH, PALMESANO, RAIA --
read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to creating a downtown revital-
ization zone investment tax credit
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 210-B of the tax law is amended by adding a new
subdivision 49 to read as follows:
49. DOWNTOWN REVITALIZATION ZONE INVESTMENT TAX CREDIT. (A) A TAXPAYER
SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS HEREINAFTER PROVIDED,
AGAINST THE TAX IMPOSED BY THIS ARTICLE, FOR THE DEVELOPMENT TO EXISTING
DOWNTOWN ZONES INCLUDING, BUT NOT LIMITED TO, THE PURCHASE OF BUILDINGS
AND REHABILITATIONS OF BUILDINGS IN SUCH DOWNTOWN ZONES. THE AMOUNT OF
THE CREDIT SHALL BE TWENTY PERCENT OF THE PURCHASE OF ANY BUILDINGS AND
REHABILITATIONS OR PROJECTS COMPLETED WHICH ARE PURCHASED AND COMPLETED
DURING THE TAXABLE YEAR, SUCH CREDIT NOT EXCEEDING THE AMOUNT SET FORTH
IN PARAGRAPH (C) OF THIS SUBDIVISION OR THE AMOUNT DEEMED BY THE COMMIS-
SIONER TO BE NECESSARY FOR PROJECT FEASIBILITY. TO DETERMINE PROJECT
FEASIBILITY, THE COMMISSIONER SHALL CONSIDER THE EXTENT OF THE NEED TO
THE DOWNTOWN ZONE, THE VISION AND PLANS FOR THE REVITALIZATION OF THE
DOWNTOWN AREA, AND THE DEMONSTRATED ABILITY TO UTILIZE RESOURCES EFFEC-
TIVELY.
(B) NOTHING IN THIS SUBDIVISION SHALL BE CONSTRUED TO PREVENT TWO OR
MORE TAXPAYERS OR TWO OR MORE QUALIFYING RECIPIENTS FROM PARTICIPATING
JOINTLY IN ONE OR MORE PROJECTS UNDER THE PROVISIONS OF THIS SUBDIVISION
NOR SHALL IT BE CONSTRUED TO PREVENT ANY BUSINESS FROM PARTICIPATING IN
ONE OR MORE PROJECTS.
(C) THE SUM OF ALL TAX CREDITS GRANTED PURSUANT TO THE PROVISIONS OF
THIS SUBDIVISION SHALL NOT EXCEED FIVE HUNDRED THOUSAND DOLLARS ANNUALLY
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05696-01-5
A. 5017 2
FOR ANY ONE TAXPAYER INCLUDING SUCH PARTY'S AFFILIATES AND RELATED ENTI-
TIES AS DETERMINED BY THE COMMISSIONER, UNLESS THE COMMISSIONER DETER-
MINES THAT THE TOTAL AMOUNT OF THE TAX CREDITS ALLOWED TO TAXPAYERS
SHALL BE UNDER-UTILIZED IN ANY ONE FISCAL YEAR.
(D) FOR THE PURPOSES OF THIS SUBDIVISION, THE TERM "DOWNTOWN ZONES"
SHALL MEAN THAT PORTION OF THE COMMUNITY (I) WHICH CONTAINS THE TRADI-
TIONAL OR HISTORIC BUSINESS CORE OF A COMMUNITY, (II) IS CONCENTRATED
WITH RETAIL ACTIVITY AND WHERE OFFICE, RESIDENTIAL AND INSTITUTIONAL
USES MAY BE FOUND, (III) WHERE STORES ARE INDIVIDUALLY OWNED AND
MANAGED, AND (IV) WHERE ON-STREET PARKING IS OFTEN SUPPLEMENTED BY OFF-
STREET PARKING FACILITIES THAT ARE USUALLY LOCATED BEHIND THE STORES AND
IN MUNICIPAL PARKING LOTS.
S 2. This act shall take effect on the one hundred twentieth day after
it shall have become a law; provided, however, that the commissioner of
taxation and finance shall promulgate any rules and regulations neces-
sary for the timely implementation of this act on or before such date.