Bill Text: NY A05017 | 2015-2016 | General Assembly | Introduced

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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: Moderate Partisan Bill (Republican 13-2)

Status: (Introduced - Dead) 2016-01-06 - referred to ways and means [A05017 Detail]

Download: New_York-2015-A05017-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5017
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 10, 2015
                                      ___________
       Introduced   by  M.  of  A.  McLAUGHLIN,  AUBRY,  TEDISCO,  RA,  CROUCH,
         BROOK-KRASNY, JAFFEE,  GIGLIO  --  Multi-Sponsored  by  --  M.  of  A.
         BARCLAY,  DiPIETRO, DUPREY, GRAF, LOPEZ, McDONOUGH, PALMESANO, RAIA --
         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 49 to read as follows:
    3    49. 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
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05696-01-5
       A. 5017                             2
    1  FOR ANY ONE TAXPAYER INCLUDING SUCH PARTY'S AFFILIATES AND RELATED ENTI-
    2  TIES AS DETERMINED BY THE COMMISSIONER, UNLESS THE  COMMISSIONER  DETER-
    3  MINES  THAT  THE  TOTAL  AMOUNT  OF THE TAX CREDITS ALLOWED TO TAXPAYERS
    4  SHALL BE UNDER-UTILIZED IN ANY ONE FISCAL YEAR.
    5    (D)  FOR  THE  PURPOSES OF THIS SUBDIVISION, THE TERM "DOWNTOWN ZONES"
    6  SHALL MEAN THAT PORTION OF THE COMMUNITY (I) WHICH CONTAINS  THE  TRADI-
    7  TIONAL  OR  HISTORIC  BUSINESS CORE OF A COMMUNITY, (II) IS CONCENTRATED
    8  WITH RETAIL ACTIVITY AND WHERE  OFFICE,  RESIDENTIAL  AND  INSTITUTIONAL
    9  USES  MAY  BE  FOUND,  (III)  WHERE  STORES  ARE  INDIVIDUALLY OWNED AND
   10  MANAGED, AND (IV) WHERE ON-STREET PARKING IS OFTEN SUPPLEMENTED BY  OFF-
   11  STREET PARKING FACILITIES THAT ARE USUALLY LOCATED BEHIND THE STORES AND
   12  IN MUNICIPAL PARKING LOTS.
   13    S 2. This act shall take effect on the one hundred twentieth day after
   14  it  shall have become a law; provided, however, that the commissioner of
   15  taxation and finance shall promulgate any rules and  regulations  neces-
   16  sary for the timely implementation of this act on or before such date.