Bill Text: NY A01974 | 2017-2018 | General Assembly | Introduced
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 14-0)
Status: (Introduced - Dead) 2017-01-17 - referred to ways and means [A01974 Detail]
Download: New_York-2017-A01974-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 1974 2017-2018 Regular Sessions IN ASSEMBLY January 17, 2017 ___________ Introduced by M. of A. McLAUGHLIN -- 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-B of the tax law is amended by adding a new 2 subdivision 52 to read as follows: 3 52. Downtown revitalization zone investment tax credit. (a) A taxpayer 4 shall be allowed a credit, to be computed as hereinafter provided, 5 against the tax imposed by this article, for the development to existing 6 downtown zones including, but not limited to, the purchase of buildings 7 and rehabilitations of buildings in such downtown zones. The amount of 8 the credit shall be twenty percent of the purchase of any buildings and 9 rehabilitations or projects completed which are purchased and completed 10 during the taxable year, such credit not exceeding the amount set forth 11 in paragraph (c) of this subdivision or the amount deemed by the commis- 12 sioner to be necessary for project feasibility. To determine project 13 feasibility, the commissioner shall consider the extent of the need to 14 the downtown zone, the vision and plans for the revitalization of the 15 downtown area, and the demonstrated ability to utilize resources effec- 16 tively. 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. LBD04293-01-7A. 1974 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 § 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.
