NY S07382

Defines "equipment" as a machine or system, and any part or subassembly thereof, for purposes of tax department proceedings.

Establishes that equipment is "directly and predominantly" used when received, inventoried, and prepared for distribution at an empire zone location by a qualified enterprise, with maintenance work performed by employees whose duties originate and terminate at that same location.

Allows the Division of Tax Appeals to accept petitions contesting prior determinations that conflicted with this act's definition of "directly and predominantly," with such new determinations deemed conclusive and not subject to further review.

Takes effect immediately and applies retroactively to any tax department audit or enforcement proceeding commencing on or after March 1, 2001.