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NY A06026
Bill
Status
Introduced
3/13/2013
Primary Sponsor
Steven McLaughlin
Click for details
AI Summary
- Allows taxpayers a tax credit equal to 20 percent of the cost of purchasing and rehabilitating buildings in designated downtown revitalization zones
- Credit amount capped at $500,000 annually per taxpayer, including affiliates and related entities, unless the commissioner determines credits are underutilized
- Commissioner may adjust credit amount based on project feasibility, considering the downtown zone's need for revitalization, area vision and plans, and effective resource utilization
- Defines "downtown zones" as community areas with traditional business cores, concentrated retail activity, individually owned stores, and on-street and off-street parking
- Takes effect 120 days after enactment, with the commissioner required to promulgate implementing rules and regulations beforehand
Legislative Description
Creates a downtown revitalization zone investment tax credit for the purchase of buildings and rehabilitation of buildings in a downtown zone; provides that the credit shall be twenty percent of the purchase of the buildings and rehabilitations or projects; defines downtown zones.
Last Action
held for consideration in ways and means
6/17/2014
Committee Referrals
Ways and Means3/13/2013
Full Bill Text
No bill text available