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S07711 Summary:

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S07711 Floor Votes:

S07711 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7711
 
                    IN SENATE
 
                                      June 2, 2014
                                       ___________
 
        Introduced  by  Sen.  FARLEY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Local Government
 
        AN ACT relating to a certain agreement for a payment in lieu of taxes
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Notwithstanding  the  provisions  of  subdivision  (e) of

     2  section 15 of the tax law, any payment in lieu of taxes made by a quali-
     3  fied empire zone enterprise to the state, a municipal corporation, or  a
     4  public  benefit corporation pursuant to its lease agreement for property
     5  located at 14 Rotterdam Industrial Park, Schenectady, New  York  with  a
     6  landlord that is a party to a payment in lieu of taxes agreement between
     7  the  landlord  and  the  state, municipal corporation, or public benefit
     8  corporation shall be deemed, for the  purposes  of  subdivision  (e)  of
     9  section  15  of  the tax law, to have been made pursuant to a payment in
    10  lieu of taxes agreement with the state, municipal corporation, or public
    11  benefit corporation. Such qualified  empire  zone  enterprise  shall  be
    12  eligible to claim the real property tax credit provided by section 15 of
    13  the tax law provided that for each of such periods, the landlord has not

    14  filed  a  claim  for  the real property tax credit for such payments nor
    15  made a payment in lieu of taxes to the state, municipal corporation,  or
    16  public  benefit  corporation  pursuant  to its agreement with the state,
    17  municipal corporation, or public benefit corporation for such  payments.
    18  Notwithstanding any section of law to the contrary, such credit shall be
    19  based upon the payments in lieu of taxes and employment of the tenant.
    20    §  2.  This  act shall take effect immediately and shall only apply to
    21  taxable years beginning on and after January 1, 2006 and  ending  on  or
    22  before December 31, 2009.
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15445-02-4