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History
- Referred to local government
Full text
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Sponsor's memo
BILL NUMBER:S2658
Title of bill
An act to amend the general municipal law, in relation to the creation of urban commercial redevelopment action areas
Purpose/summary of provisions
By amending sections 692, 693 and adding two new sections 694-a and 696-e to the General Municipal Law, this bill will provide for:
* the designation of certain areas now potentially qualified as "urban development action areas" to be "urban commercial redevelopment action areas" (UCRA);
* such areas may be designated by resolution of the municipality's governing body if said areas meet these requirements: contain 40% vacant land/abandoned buildings; - are located within or adjacent to a "census tract" with a minority population of at least 20%; - consist of real property which value has declined at least 30% of assessed value; - have potential for attracting new commercial business; - have lost a major retailer in the last 20 years; and a majority of the buildings are at least 25 years old;
* the designation of an area as a UCRA area must be further approved by the State Department of Economic Development and in counties which impose a sales or use tax by the county government;
* commercial and retail businesses in UCRA areas will have the following exemptions from imposition of sales and use taxes: five years for sales by new retail and commercial establishments; - four years for sales by existing establishments making "substantial" capital improvements; -three years for all other establishments;
* a pilot program is created in the first year guaranteeing a mix of size among approved municipalities with UCRA's.
Justification
This legislation Would reformulate existing economic development programs to allow for revitalization of "downtown" business districts by exempting retail establishments in targeted areas from sales and use taxes for a limited period of time.
Fiscal implications
A maximum of ten million dollars to the State, although in the first year the maximum sales tax revenue loss will be four million dollars.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.