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History
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 61–0
- Ordered to third reading cal.1106
- Print number 7675a
- Amend and recommit to rules
- Reported and committed to rules
- Reported and committed to finance
- Referred to investigations and government operations
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 empire zones capital credit for contributions to qualified not-for-profit projects located in designated empire zones
In Assembly Committee · Ways And Means · Sponsor William Magnarelli
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7675A
Title of bill
An act to amend the tax law, in relation to empire zones capital credit for contributions to qualified not-for-profit projects located in designated empire zones
Purpose
Provides for the seven year extension of benefits to support qualified not for profit-projects located in Empire Zones.
Summary of provisions
Section one provides for extension of benefits for corporate tax filers.
Section two provides for extension of benefits for those who file their taxes as individuals.
Section three provides extension of benefits for those who file tax returns as banks.
Section four provides for extension of benefits for those who file tax returns for those who file as insurance companies.
Existing law
This legislation provides for an extension to existing statute.
Justification
This unique tax credit, a little known part of the Empire Zone Program, would otherwise sunset with the Empire Zone program on June 30, 2010. According to not-for-profits throughout the State it has been a helpful tool in an organization's fundraising toolbox, especially for those located and/or offering services in distressed areas, in attracting investments and contributions.
Legislative history
New bill.
Fiscal implications
This legislation extends current law thus there would be no additional fiscal impact to the State.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.