Bill Text: NY S02416 | 2011-2012 | General Assembly | Introduced

New York Senate Bill 2416 (Prior Session Legislation)

Introduced

Bill Title: Authorizes the NYS urban development corporation to form a limited liability company for the purpose of certification as a community development entity under the New Markets tax credit program.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2012-01-04 - REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS [S02416 Detail]

Download: New_York-2011-S02416-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2416
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                   January 20, 2011
                                      ___________
       Introduced  by  Sen. PERKINS -- read twice and ordered printed, and when
         printed to be committed to the Committee on Corporations,  Authorities
         and Commissions
       AN ACT to amend the New York state urban development corporation act, in
         relation  to  authorizing  the corporation to form a limited liability
         company for a specific purpose and providing for the  repeal  of  such
         provisions upon expiration thereof
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subdivision 1 of section 12 of section 1 of chapter 174  of
    2  the  laws  of  1968  constituting  the  New York state urban development
    3  corporation act, is amended by adding three undesignated  paragraphs  to
    4  read as follows:
    5    THE CORPORATION, BY RESOLUTION, MAY DIRECT ANY OF ITS DIRECTORS, OFFI-
    6  CERS,  OR  EMPLOYEES  TO  FORM  A  LIMITED LIABILITY COMPANY PURSUANT TO
    7  SECTION 203 OF THE LIMITED LIABILITY COMPANY LAW FOR THE SOLE PURPOSE OF
    8  CERTIFYING AND PERFORMING AS A COMMUNITY DEVELOPMENT ENTITY  THAT  WOULD
    9  BE  ELIGIBLE  TO  RECEIVE  AN  ALLOCATION  OF  TAX CREDITS UNDER THE NEW
   10  MARKETS TAX CREDIT PROGRAM. SUCH A LIMITED LIABILITY COMPANY  SHALL  ACT
   11  SOLELY IN RELATION TO PROJECTS SELECTED BY THE CORPORATION, OR A SUBSID-
   12  IARY  OF  THE  CORPORATION,  TO RECEIVE TAX CREDITS FROM A FEDERAL ALLO-
   13  CATION TO THE CORPORATION, OR A SUBSIDIARY OF THE CORPORATION, UNDER THE
   14  NEW MARKETS TAX CREDIT PROGRAM AND TO DO ANY OTHER ACT  OR  THING  INCI-
   15  DENTAL  TO  OR  CONNECTED  WITH  THE FORGOING PURPOSES OR IN ADVANCEMENT
   16  THEREOF, PROVIDED THAT THE CORPORATION, OR A SUBSIDIARY  OF  THE  CORPO-
   17  RATION,  SHALL  BE THE MANAGING MEMBER OF EACH LIMITED LIABILITY COMPANY
   18  CREATED BY THE CORPORATION.
   19    ALL PROJECTS AWARDED NEW MARKETS TAX CREDITS BY THE CORPORATION  OR  A
   20  SUBSIDIARY  THEREOF SHALL BE SUBMITTED TO THE PUBLIC AUTHORITIES CONTROL
   21  BOARD FOR APPROVAL, IN ACCORDANCE WITH THE PROVISIONS OF SECTION  51  OF
   22  THE PUBLIC AUTHORITIES LAW.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07004-01-1
       S. 2416                             2
    1    THE  CORPORATION  SHALL  INCLUDE  IN  THE  INFORMATION  REQUIRED TO BE
    2  SUBMITTED ANNUALLY IN ACCORDANCE WITH THE PROVISIONS OF SUBDIVISION 1 OF
    3  SECTION 2800 OF THE PUBLIC AUTHORITIES LAW INFORMATION REGARDING ASSIST-
    4  ANCE PROVIDED BY IT OR ITS SUBSIDIARY UNDER THE NEW MARKETS  TAX  CREDIT
    5  PROGRAM,  AND  SHALL  PROVIDE  FINANCIAL INFORMATION WITH RESPECT TO ANY
    6  SUBSIDIARY ADMINISTERING THE  PROGRAM  IN  THE  CORPORATION'S  FINANCIAL
    7  REPORTS, INCLUDING ITS CERTIFIED AUDITED FINANCIAL STATEMENTS.
    8    S  2.  This  act shall take effect immediately and shall expire and be
    9  deemed repealed five years after such date.