Bill Text: NY A08725 | 2013-2014 | General Assembly | Amended

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Bill Title: Relates to a certain agreement for a payment in lieu of taxes with respect to a lessee that is a qualified empire zone enterprise of certain real property.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2014-11-21 - signed chap.444 [A08725 Detail]

Download: New_York-2013-A08725-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        8725--A
                                 I N  A S S E M B L Y
                                   February 5, 2014
                                      ___________
       Introduced by M. of A. STIRPE -- read once and referred to the Committee
         on  Real  Property  Taxation  --  committee  discharged, bill amended,
         ordered reprinted as amended and recommitted to said committee
       AN ACT in relation 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, with respect to any payment of taxes  imposed
    3  on  real property with respect to property located at 111 Windsor Place,
    4  Islip, New York, with respect to a lessee that  is  a  qualified  empire
    5  zone enterprise, such taxes shall be deemed to be eligible real property
    6  taxes  with respect to such lessee and (1) such taxes shall be deemed to
    7  have been paid by the lessee pursuant  to  explicit  requirements  in  a
    8  written lease, (2) shall be deemed to become a lien on the real property
    9  during  a  taxable year in which the lessee of the real property is both
   10  certified pursuant to article 18-B of the general municipal  law  and  a
   11  qualified  empire zone enterprise, and (3) the lessee shall be deemed to
   12  have made direct payment of such taxes to the taxing  authority  and  to
   13  have  received  a  receipt  for  such  payment  of taxes from the taxing
   14  authority.  Such qualified empire zone enterprise shall be  eligible  to
   15  claim the real property tax credit provided by section 15 of the tax law
   16  provided  that  for  each  of such periods, the landlord has not filed a
   17  claim for the real property tax credit for such payments.
   18    S 2. This act shall take effect immediately and shall apply to taxable
   19  years beginning on or after January 1, 2005 and before January 1, 2014.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD13286-05-4