Loading chat...
NY S00497
Bill
Status
1/5/2011
Primary Sponsor
Joseph Robach
Click for details
AI Summary
-
Allows taxpayers to waive eligibility for the Investment Tax Credit (ITC) on property acquired or constructed on or after January 1, 2011, and elect the Economic Resurgence Initiative Credit instead.
-
Permits conversion of earned but unused ITC that has been carried forward for 10 or more years into the new Economic Resurgence Initiative Credit on a sliding scale: 20% after 10 years, 40% after 11 years, 60% after 12 years, 80% after 13 years, and 100% after 14 or more years.
-
Prohibits new current-year investment expenditures from qualifying for or generating their own ITC if the taxpayer elected conversion.
-
Allows unused Economic Resurgence Initiative Credit to be treated as an overpayment of tax and refunded without interest if credits reduce tax below minimum thresholds.
-
Extends the carryover period for ITC from 15 to 20 taxable years for credits earned on or after January 1, 1987, effective immediately for taxable years beginning on or after January 1, 2011.
Legislative Description
Establishes the economic resurgence initiative credit for taxpayers allowed a credit under the investment tax credit with respect to property, the acquisition, construction, reconstruction or erection of which commenced on or after January 1, 2011; allows the taxpayer to elect the economic resurgence initiative credit; sets forth calculation procedures.
Last Action
REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
1/5/2011