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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to investigations and government operations
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to the new markets development program act
Purpose
To promote economic development throughout New York State by providing tax incentives for developers modeled after the federal New Markets Development program which has proven to facilitate that goal in economically distressed areas.
Summary of provisions
Defines the terms utilized throughout the bill; identifies the application and application review processes for a developer who wishes to participate in the program; approval process, reporting requirements; qualifications; limited transfer of credits process; reporting requirements; examination process; recapture provisions and penalties for non-compliance and fraudulent activity.
Justification
Economically impoverished regions of the State including urban areas, due to gentrification and other issues, have been permitted to decay. This results in these urban areas lagging behind other localities which have the resources to maintain their infrastructure. This, in turn, detracts investors from pursuing economic expansion in those distressed areas facilitating further urban decay. This bill would provide an incentive for investors to pursue economic activity in economically distressed areas of New York State. This program has become especially important as private credit markets currently make it more difficult for businesses to obtain access to necessary capital.
Legislative history
New bill.
Fiscal implications
To be determined.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.