Authorizes the NYS urban development corporation to form a limited liability company for the purpose of certification as a community development entity under the New Markets tax credit program.
STATE OF NEW YORK
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1252
2013-2014 Regular Sessions
IN SENATE(Prefiled)
January 9, 2013
___________
Introduced by Sen. PERKINS -- read twice and ordered printed, and when
printed to be committed to the Committee on Corporations, Authorities
and Commissions
AN ACT to amend the New York state urban development corporation act, in
relation to authorizing the corporation to form a limited liability
company for a specific purpose and providing for the repeal of such
provisions upon expiration thereof
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 1 of section 12 of section 1 of chapter 174 of
2 the laws of 1968 constituting the New York state urban development
3 corporation act, is amended by adding three undesignated paragraphs to
4 read as follows:
5 The corporation, by resolution, may direct any of its directors, offi-
6 cers, or employees to form a limited liability company pursuant to
7 section 203 of the limited liability company law for the sole purpose of
8 certifying and performing as a community development entity that would
9 be eligible to receive an allocation of tax credits under the New
10 Markets tax credit program. Such a limited liability company shall act
11 solely in relation to projects selected by the corporation, or a subsid-
12 iary of the corporation, to receive tax credits from a federal allo-
13 cation to the corporation, or a subsidiary of the corporation, under the
14 New Markets tax credit program and to do any other act or thing inci-
15 dental to or connected with the forgoing purposes or in advancement
16 thereof, provided that the corporation, or a subsidiary of the corpo-
17 ration, shall be the managing member of each limited liability company
18 created by the corporation.
19 All projects awarded New Markets tax credits by the corporation or a
20 subsidiary thereof shall be submitted to the public authorities control
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD03582-01-3
S. 1252 2
1 board for approval, in accordance with the provisions of section 51 of
2 the public authorities law.
3 The corporation shall include in the information required to be
4 submitted annually in accordance with the provisions of subdivision 1 of
5 section 2800 of the public authorities law information regarding assist-
6 ance provided by it or its subsidiary under the New Markets tax credit
7 program, and shall provide financial information with respect to any
8 subsidiary administering the program in the corporation's financial
9 reports, including its certified audited financial statements.
10 § 2. This act shall take effect immediately and shall expire and be
11 deemed repealed five years after such date.
