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History
- Referred to ways and means
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Authorizes taxpayers certified as an empire zone business immediately preceding the day the empire zones program expired to be deemed certified until April 1, 2014
In Senate Committee · Investigations And Government Operations · Sponsor Thomas P. Morahan
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A10024
Title of bill
An act to amend the tax law, in relation to empire zones
Purpose or general idea of bill
Authorize taxpayers certified as an empire zone business immediately preceding the day the empire zones program expired to be deemed certified until April 1, 2014.
Summary of specific provisions
Extend the enhanced investment tax cred- it until 2014 for businesses certified under the Empire Zone.
Justification
The. enhanced Investment Tax Credit (ITC) is available to manufacturers under the Empire Zone (EZ) program for production equip- ment related to manufacture of product at zone location. ITC is an important incentive under the EZ program. ITC will no longer be avail- able to certified businesses, businesses that were promised this incen- tive when they made this investment, after the EZ program sunsets in June, even though other incentives will still be available until each agreement expires. This is a downgrade of incentives.
A number of businesses are in the process of making a decision whether or not to locate/ invest in NYS. This is an immediate legislative solution to maintain and attract businesses and employees. No action could kill many projects and jobs.
The NYSDE indicates that the Division of Budget did not count the savings of the ITC after it expires in June. Therefore, extending this tax credit will not impact the budget.
Legislative history
New Bill.
Effective date
This act shall take effect immediately
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.