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NY A07774
Bill
Status
6/19/2014
Primary Sponsor
Angelo Santabarbara
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AI Summary
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Establishes a 20 percent tax credit against business franchise and personal income taxes for qualified purchases of buildings and qualified rehabilitation expenditures in downtown revitalization zones
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Limits individual taxpayer credits to a maximum of $500,000 per year (including affiliates and related entities) and caps aggregate statewide credits at $10 million annually, allocated on first-come, first-served basis by application date
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Defines "downtown revitalization zones" as areas experiencing sustained physical deterioration, containing substandard or vacant buildings, or where more than 50 percent of residents earn no more than 90 percent of area median income
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Requires the Department of Taxation and Finance to promulgate regulations by December 31, 2014 establishing application procedures, evaluation standards, and documentation requirements for credit allocation
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Takes effect 180 days after enactment for sections on business franchise and personal income tax credits; sections expire upon effective date of section 17 of part A of chapter 59 of the laws of 2014
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
REFERRED TO RULES
6/19/2014