Bill Text: NY A05634 | 2011-2012 | General Assembly | Introduced

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Bill Title: Creates a downtown revitalization zone investment tax credit for the purchase of buildings and rehabilitation of buildings in a downtown zone; provides that the credit shall be twenty percent of the purchase of the buildings and rehabilitations or projects; defines downtown zones.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-01-04 - referred to ways and means [A05634 Detail]

Download: New_York-2011-A05634-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5634
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 24, 2011
                                      ___________
       Introduced by M. of A. MURRAY -- 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:
    1    Section 1. Section 210 of the tax law  is  amended  by  adding  a  new
    2  subdivision 25-b to read as follows:
    3    25-B.  DOWNTOWN  REVITALIZATION  ZONE  INVESTMENT  TAX  CREDIT.  (A) A
    4  TAXPAYER SHALL BE ALLOWED  A  CREDIT,  TO  BE  COMPUTED  AS  HEREINAFTER
    5  PROVIDED,  AGAINST  THE TAX IMPOSED BY THIS ARTICLE, FOR THE DEVELOPMENT
    6  TO EXISTING DOWNTOWN ZONES INCLUDING, BUT NOT LIMITED TO,  THE  PURCHASE
    7  OF  BUILDINGS  AND  REHABILITATIONS OF BUILDINGS IN SUCH DOWNTOWN ZONES.
    8  THE AMOUNT OF THE CREDIT SHALL BE TWENTY PERCENT OF THE PURCHASE OF  ANY
    9  BUILDINGS  AND REHABILITATIONS OR PROJECTS COMPLETED WHICH ARE PURCHASED
   10  AND COMPLETED DURING THE TAXABLE YEAR, SUCH  CREDIT  NOT  EXCEEDING  THE
   11  AMOUNT  SET  FORTH  IN  PARAGRAPH  (C) OF THIS SUBDIVISION OR THE AMOUNT
   12  DEEMED BY THE COMMISSIONER TO BE NECESSARY FOR PROJECT  FEASIBILITY.  TO
   13  DETERMINE  PROJECT  FEASIBILITY,  THE  COMMISSIONER  SHALL  CONSIDER THE
   14  EXTENT OF THE NEED TO THE DOWNTOWN ZONE, THE VISION AND  PLANS  FOR  THE
   15  REVITALIZATION  OF  THE  DOWNTOWN  AREA, AND THE DEMONSTRATED ABILITY TO
   16  UTILIZE RESOURCES EFFECTIVELY.
   17    (B) NOTHING IN THIS SUBDIVISION SHALL BE CONSTRUED TO PREVENT  TWO  OR
   18  MORE  TAXPAYERS  OR TWO OR MORE QUALIFYING RECIPIENTS FROM PARTICIPATING
   19  JOINTLY IN ONE OR MORE PROJECTS UNDER THE PROVISIONS OF THIS SUBDIVISION
   20  NOR SHALL IT BE CONSTRUED TO PREVENT ANY BUSINESS FROM PARTICIPATING  IN
   21  ONE OR MORE PROJECTS.
   22    (C)  THE  SUM OF ALL TAX CREDITS GRANTED PURSUANT TO THE PROVISIONS OF
   23  THIS SUBDIVISION SHALL NOT EXCEED FIVE HUNDRED THOUSAND DOLLARS ANNUALLY
   24  FOR ANY ONE TAXPAYER INCLUDING SUCH PARTY'S AFFILIATES AND RELATED ENTI-
   25  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.
                                                                  LBD08383-01-1
       A. 5634                             2
    1  MINES  THAT  THE  TOTAL  AMOUNT  OF THE TAX CREDITS ALLOWED TO TAXPAYERS
    2  SHALL BE UNDER-UTILIZED IN ANY ONE FISCAL YEAR.
    3    (D)  FOR  THE  PURPOSES OF THIS SUBDIVISION, THE TERM "DOWNTOWN ZONES"
    4  SHALL MEAN THAT PORTION OF THE COMMUNITY (I) WHICH CONTAINS  THE  TRADI-
    5  TIONAL  OR  HISTORIC  BUSINESS CORE OF A COMMUNITY, (II) IS CONCENTRATED
    6  WITH RETAIL ACTIVITY AND WHERE  OFFICE,  RESIDENTIAL  AND  INSTITUTIONAL
    7  USES  MAY  BE  FOUND,  (III)  WHERE  STORES  ARE  INDIVIDUALLY OWNED AND
    8  MANAGED, AND (IV) WHERE ON-STREET PARKING IS OFTEN SUPPLEMENTED BY  OFF-
    9  STREET PARKING FACILITIES THAT ARE USUALLY LOCATED BEHIND THE STORES AND
   10  IN MUNICIPAL PARKING LOTS.
   11    S 2. This act shall take effect on the one hundred twentieth day after
   12  it  shall have become a law; provided, however, that the commissioner of
   13  taxation and finance shall promulgate any rules and  regulations  neces-
   14  sary for the timely implementation of this act on or before such date.