NY S06819

Allows a qualified empire zone enterprise at 560 Broadway, Schenectady, New York to claim a real property tax credit for payments in lieu of taxes made under its lease agreement with a landlord.

Treats payments made by the tenant to the state, municipal corporation, or public benefit corporation as payments made pursuant to a PILOT agreement for purposes of claiming the tax credit under section 15 of the tax law.

Requires that the landlord must not have filed a claim for the real property tax credit for the same periods or made PILOT payments under its own agreement with the state, municipal corporation, or public benefit corporation.

Credits shall be based upon the tenant's payments in lieu of taxes and employment levels, notwithstanding other provisions of law.

Takes effect immediately and applies only to taxable years beginning on or after January 1, 2012 and ending on or before January 1, 2016.