Bill Text: NY S07711 | 2013-2014 | General Assembly | Introduced

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Bill Title: Relates to an agreement for a payment in lieu of taxes for property located at 14 Rotterdam Industrial Park, Schenectady, New York.

Spectrum: Bipartisan Bill

Status: (Passed) 2014-09-04 - SIGNED CHAP.350 [S07711 Detail]

Download: New_York-2013-S07711-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7711
                                   I N  S E N A T E
                                     June 2, 2014
                                      ___________
       Introduced  by  Sen.  FARLEY -- read twice and ordered printed, and when
         printed to be committed to the Committee on Local Government
       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 14 Rotterdam Industrial Park, Schenectady, New  York  with  a
    6  landlord that is a party to a payment in lieu of taxes agreement between
    7  the  landlord  and  the  state, municipal corporation, or public benefit
    8  corporation shall be deemed, for the  purposes  of  subdivision  (e)  of
    9  section  15  of  the tax law, to have been made pursuant to a payment in
   10  lieu of taxes agreement with the state, municipal corporation, or public
   11  benefit corporation. Such qualified  empire  zone  enterprise  shall  be
   12  eligible to claim the real property tax credit provided by section 15 of
   13  the tax law provided that for each of such periods, the landlord has not
   14  filed  a  claim  for  the real property tax credit for such payments nor
   15  made a payment in lieu of taxes to the state, municipal corporation,  or
   16  public  benefit  corporation  pursuant  to its agreement with the state,
   17  municipal corporation, or public benefit corporation for such  payments.
   18  Notwithstanding any section of law to the contrary, such credit shall be
   19  based upon the payments in lieu of taxes and employment of the tenant.
   20    S  2.  This  act shall take effect immediately and shall only apply to
   21  taxable years beginning on and after January 1, 2006 and  ending  on  or
   22  before December 31, 2009.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD15445-02-4