NY A09990

Allows qualified empire zone enterprises to claim real property tax credits based on payments in lieu of taxes made to their landlord at 14 Rotterdam Industrial Park, Schenectady, New York, if the landlord has a payment in lieu of taxes agreement with the state, municipal corporation, or public benefit corporation.

Permits such enterprises to claim credits provided that the landlord has not filed a separate claim for the real property tax credit and has not made direct payments in lieu of taxes to the state, municipal corporation, or public benefit corporation for the same period.

Credits shall be based upon the payments in lieu of taxes made and the employment of the tenant rather than the landlord's agreement.

Applies retroactively to taxable years beginning January 1, 2006 and ending on or before December 31, 2009.

Takes effect immediately upon enactment.