Bill Text: NY S07609 | 2015-2016 | General Assembly | Introduced

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Bill Title: Reinstates certain entities as empire zone business enterprises that were improperly decertified.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2016-06-15 - SUBSTITUTED BY A10223 [S07609 Detail]

Download: New_York-2015-S07609-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          7609
                    IN SENATE
                                      May 11, 2016
                                       ___________
        Introduced  by  Sen.  RANZENHOFER -- read twice and ordered printed, and
          when printed to be committed to the Committee  on  Investigations  and
          Government Operations
        AN ACT to reinstate certain entities as empire zone business enterprises
          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 section 687  of  the  tax
     2  law, an empire zone enterprise certified pursuant to article 18-B of the
     3  general municipal law, decertified on or after April 1, 2009 pursuant to
     4  subdivision  (w)  of section 959 of the general municipal law, and rein-
     5  stated into the empire zones program after a determination  by  the  New
     6  York State Supreme Court, Appellate Division that the empire zone enter-
     7  prise was improperly decertified, is entitled to any benefits, tax cred-
     8  its  or refunds due for tax years beginning on or after January 1, 2009.
     9  Notwithstanding any section of  law  to  the  contrary,  any  claim  for
    10  reduction  in  taxes  and/or refunds for tax years beginning on or after
    11  January 1, 2009, for any such entity, or for any  individual  who  is  a
    12  shareholder,  partner or member of such entity, shall be deemed, for the
    13  purposes of section 687 of the tax law, to have been  made  timely  with
    14  such  credits allowed, and any overpayment of tax or refund of tax cred-
    15  its shall be paid.
    16    § 2. This act shall take effect immediately and shall  only  apply  to
    17  taxable years beginning on and after January 1, 2009.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13897-01-6