Bill Text: NY S06819 | 2015-2016 | General Assembly | Introduced

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Bill Title: Relates to eligibility for real property tax credit for payments in lieu of taxes made by a Qualified Empire Zone Enterprise for property located at 560 Broadway, Schenectady, New York.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Passed) 2016-11-14 - SIGNED CHAP.435 [S06819 Detail]

Download: New_York-2015-S06819-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
            S. 6819                                                  A. 9349
                SENATE - ASSEMBLY
                                    February 25, 2016
                                       ___________
        IN  SENATE -- Introduced by Sen. FARLEY -- read twice and ordered print-
          ed, and when printed to be committed to the Committee on Local Govern-
          ment
        IN ASSEMBLY -- Introduced by M. of A.  SANTABARBARA  --  read  once  and
          referred to the Committee on Real Property Taxation
        AN ACT relating to a certain agreement for a payment in lieu of taxes
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1.  Notwithstanding  the  provisions  of  subdivision  (e)  of
     2  section 15 of the tax law, any payment in lieu of taxes made by a quali-
     3  fied  empire zone enterprise to the state, a municipal corporation, or a
     4  public benefit corporation pursuant to its lease agreement for  property
     5  located at 560 Broadway, Schenectady, New York with a landlord that is a
     6  party  to  a payment in lieu of taxes agreement between the landlord and
     7  the state, municipal corporation, or public benefit corporation shall be
     8  deemed, for the purposes of subdivision (e) of section  15  of  the  tax
     9  law,  to have been made pursuant to a payment in lieu of taxes agreement
    10  with the state, municipal corporation, or  public  benefit  corporation.
    11  Such  qualified  empire  zone  enterprise shall be eligible to claim the
    12  real property tax credit provided by section 15 of the tax law  provided
    13  that  for  each  of such periods, the landlord has not filed a claim for
    14  the real property tax credit for such payments nor  made  a  payment  in
    15  lieu  of  taxes  to  the state, municipal corporation, or public benefit
    16  corporation pursuant to its agreement with the state,  municipal  corpo-
    17  ration, or public benefit corporation for such payments. Notwithstanding
    18  any  section of law to the contrary, such credit shall be based upon the
    19  payments in lieu of taxes and employment of the tenant.
    20    § 2. This act shall take effect immediately and shall  only  apply  to
    21  taxable  years  beginning  on and after January 1, 2012 and ending on or
    22  before January 1, 2016.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14018-01-6