Assembly Bill A1974

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1974
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 17, 2017
                                ___________
 
 Introduced  by  M.  of  A.  McLAUGHLIN  -- 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 52 to read as follows:
   52. 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
 FOR ANY ONE TAXPAYER INCLUDING SUCH PARTY'S AFFILIATES AND RELATED ENTI-
 TIES AS DETERMINED BY THE COMMISSIONER, UNLESS THE  COMMISSIONER  DETER-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD04293-01-7

 A. 1974                             2
 
 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.
   § 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.