Bill Text: NY S05563 | 2015-2016 | General Assembly | Amended

New York Senate Bill 5563 (Prior Session Legislation)

Bill Title: Relates to creating a restaurant renovation tax incentive; provides a refund of certain sales taxes paid by vendors of a renovation project.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2016-05-17 - REPORTED AND COMMITTED TO FINANCE [S05563 Detail]

Download: New_York-2015-S05563-Amended.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                         5563--C
                               2015-2016 Regular Sessions
                    IN SENATE
                                      May 14, 2015
                                       ___________
        Introduced  by  Sen.  FUNKE  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Commerce, Economic  Devel-
          opment  and  Small  Business  --  committee  discharged, bill amended,
          ordered reprinted as amended and  recommitted  to  said  committee  --
          recommitted  to  the  Committee  on Commerce, Economic Development and
          Small Business in accordance with Senate Rule 6, sec. 8  --  committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to  said  committee  --  committee  discharged,  bill amended, ordered
          reprinted as amended and recommitted to said committee
        AN ACT to amend the  economic  development  law  and  the  tax  law,  in
          relation to a restaurant renovation incentive program
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. The economic development law is amended  by  adding  a  new
     2  article 23 to read as follows:
     3                                 ARTICLE 23
     4                 RESTAURANT RENOVATION TAX INCENTIVE PROGRAM
     5  Section 450. Definitions.
     6          451. Administration.
     7          452. Tax incentive.
     8          453. Application and approval process.
     9          454. Cap on tax credits.
    10    Section 450. Definitions. As used in this section, the following terms
    11  shall have the following meanings:
    12    1.  "Actual  project costs" means costs attributable to a project that
    13  are incurred by a  qualified  applicant  between  the  commencement  and
    14  completion  dates  specified  by the department pursuant to section four
    15  hundred fifty-three of this article.
    16    2. "Applicant" means a person, corporation, or other entity that  owns
    17  and operates a restaurant.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11061-07-6