Bill Text: NY S04764 | 2009-2010 | General Assembly | Introduced

---

Bill Title: Makes municipal clean energy research and development enterprises eligible for the qualified empire zone enterprise tax credit.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2010-01-06 - REFERRED TO LOCAL GOVERNMENT [S04764 Detail]

Download: New_York-2009-S04764-Introduced.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4764
                              2009-2010 Regular Sessions
                                   I N  S E N A T E
                                    April 27, 2009
                                      ___________
       Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
         printed to be committed to the Committee on Local Government
       AN ACT to amend the tax law, in relation to making municipal clean ener-
         gy research and development enterprises  eligible  for  the  qualified
         empire zone enterprise tax credit
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1.  Section 14 of the tax law  is  amended  by  adding  a  new
    2  subdivision (a-1) to read as follows:
    3    (A-1)  MUNICIPAL CLEAN ENERGY RESEARCH AND DEVELOPMENT ENTERPRISE. FOR
    4  PURPOSES OF A CLEAN ENERGY RESEARCH AND DEVELOPMENT ENTERPRISE, WHICH IS
    5  CERTIFIED UNDER ARTICLE EIGHTEEN-B OF THE GENERAL MUNICIPAL LAW  AND  IS
    6  OWNED  AND  OPERATED  BY A MUNICIPAL CORPORATION, THE PROVISIONS OF THIS
    7  SECTION AND SECTION FIFTEEN OF THIS ARTICLE  SHALL  BE  DEEMED  TO  ONLY
    8  APPLY  TO  SUCH  ENTERPRISE  AND SHALL NOT APPLY TO THE MUNICIPAL CORPO-
    9  RATION.
   10    S 2. Subdivision (a) of section 15 of  the  tax  law,  as  amended  by
   11  section  5  of  part  A of chapter 63 of the laws of 2005, is amended to
   12  read as follows:
   13    (a) Allowance of credit. A taxpayer which is a qualified  empire  zone
   14  enterprise  (QEZE),  or which is a sole proprietor of a QEZE or a member
   15  of a partnership which is a QEZE, and which  is  subject  to  tax  under
   16  article  nine-A, twenty-two, thirty-two or thirty-three of this chapter,
   17  shall be allowed a credit against such tax, pursuant to  the  provisions
   18  referenced in subdivision (h) of this section, for eligible real proper-
   19  ty  taxes.    PROVIDED, HOWEVER, THAT FOR THE PURPOSES OF A CLEAN ENERGY
   20  RESEARCH AND DEVELOPMENT ENTERPRISE, A MUNICIPAL CORPORATION MAY QUALIFY
   21  FOR THE REFUND OF THE CREDIT PROVIDED BY THIS SECTION  WITH  RESPECT  TO
   22  ANY  REAL PROPERTY TAX EQUIVALENT PAID BY SUCH MUNICIPAL CORPORATION FOR
   23  SAID ENTERPRISE.
   24    S 3. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD04735-02-9