Bill Text: NY A08454 | 2017-2018 | General Assembly | Introduced

New York Assembly Bill 8454 (Prior Session Legislation)

NOTE: There are more recent revisions of this legislation. Read Latest Draft

Bill Title: Relates to allowing a previously-certified entity to apply for reinstatement to the empire zone program.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-01-03 - referred to economic development [A08454 Detail]

Download: New_York-2017-A08454-Introduced.html

                STATE OF NEW YORK
        ________________________________________________________________________
                                          8454
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                      June 16, 2017
                                       ___________
        Introduced  by M. of A. BARCLAY -- read once and referred to the Commit-
          tee on Economic Development
        AN ACT in relation to certification of an entity  in  the  empire  zones
          program
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. An entity previously certified pursuant to article 18-B  of
     2  the  general  municipal  law in the Fulton empire zone at 376 Owen Road,
     3  which has had its certificate of eligibility revoked by the empire state
     4  development corporation, shall be provided an opportunity  to  reinstate
     5  its  certification  in the empire zone regardless of any notification to
     6  the contrary issued by the empire state development corporation  or  any
     7  other  state  agency,  provided  the  following actions are taken by the
     8  entity: (a) submission to the empire state development corporation of an
     9  affidavit signed by an officer of the company stating that a  notice  of
    10  failure  to  file  the  2014  business  annual report and any subsequent
    11  notice of revocation of certification were not received by an officer of
    12  the company prior to the final  notice  of  revocation  of  the  certif-
    13  ication,  (b)  submission to the empire state development corporation of
    14  completed business annual reports for years 2013 through 2015,  and  (c)
    15  confirmation  as  evidenced by the filed business annual reports for tax
    16  years 2013 through 2015 demonstrating that the benefit-to-cost ratio for
    17  the entity calculated on a combined basis for years 2013  through  2015,
    18  as the sum of total gross payroll and capital investments divided by the
    19  total  tax  credits which were used by the entity, exceeds a ratio of 10
    20  to 1. Upon provision of all documentation as set forth in this  section,
    21  and  written  confirmation  by  the empire state development corporation
    22  that the submitted information  meets  these  requirements,  the  entity
    23  shall  be deemed certified in the Fulton empire zone and shall be eligi-
    24  ble for any benefits or tax credits set forth in sections 14, 15, 16 and
    25  210-B of the tax law as if such certification remained in  effect  on  a
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13090-01-7

        A. 8454                             2
     1  continuous basis from the date set forth on its certificate of eligibil-
     2  ity.
     3    §  2.  This  act  shall take effect immediately and shall apply to all
     4  taxable years beginning on and after January 1, 2010.