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Sponsors
15 Co-sponsors
2 Multi-sponsors
History
- Referred to economic development
- Print number 8803a
- Amend and recommit to ways and means
- Reported referred to ways and means
- Referred to economic development
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.
Relates to certification and decertification of businesses as empire zone enterprises; repealer
In Senate Committee · Local Government · Sponsor William T. Stachowski
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A8803A
Title of bill
An act to amend the general municipal law, in relation to certification and decertification of businesses as empire zone enterprises; and to repeal certain provisions of the tax law relating to the carryover of certain tax credits and tax refunds of certain tax credits
Purpose of the bill
This bill clarifies changes made to the Empire Zone Program during the creation of 2009-2010 State Budget.
Summary of specific provisions
This bill-would:
1. Clarify that companies that have more than one Empire Zone location shall be reviewed in the aggregate when performing the newly established decertification tests;
2. Establish that grounds for decertification as a result of new ownership shall only occur when the change of ownership results in the new entity having a different tax identification number;
3. Clarify that decertification shall take place for tax years:beginning on or after January 1, 2009;
4. Clarify that companies that switched their tax identification number in 2002 and prior shall not be decertified if they pass the cost benefit ration test established for all businesses, and;
a. have wages, benefits and investments on their new employment greater than Empire Zone tax benefits received from the State; or,
b. have wages, benefits and investments for their new employees greater than $30 million;
5. Eliminates provisions requiring business to obtain retention certificates for Empire Zone credits, carryovers and refunds to conform with the elimination of retroactive look back provisions.
Existing law
This bill clarifies amendments made to the Empire Zone Law in the 20092010 State Budget.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.