What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Referred to cities
- Committed to rules
- Advanced to third reading
- 2nd report cal.
- 1st report cal.698
- Referred to cities
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4768
Title of bill
An act to amend the general city law and the administrative code of the city of New York, in relation to extending the relocation and employment assistance program and the Lower Manhattan relocation and employment assistance program
Summary of provisions
Section 1 of the bill would amend subdivision (b) of section 25-z of the General City Law to extend the generally applicable deadline for obtaining a certification of eligibility from the current date of July 1, 2013 to July 1, 2018.
Section 2 of the bill would amend subdivision (b) of section 25-ee of the General City Law to extend the generally applicable deadline for obtaining certification of eligibility under the Lower Manhattan relocation and employment assistance program from the current date of July 1, 2013 to July 1, 2018.
Sections 3 and 4 of the bill would make corresponding amendments to the Administrative Code of the City of New York.
Section 5 of the bill would make the bill effective July 1, 2013, with the provision that if the bill is enacted after that date, its provisions would be retroactive to that date.
Reasons for support
The Relocation and Employment Assistance Program (REAP) was enacted initially to encourage businesses to relocate from outside the City and from below 96th Street in Manhattan to other areas of the City. The program provides business income tax credits to businesses filing the New York City General Corporation Tax, Unincorporated Business Tax, Bank Tax or Utility Tax. REAP credits are available for twelve years. In order to be eligible for the program, firms must meet conditions related to their operations prior to relocation and improvements to the premises to which they are relocating.
The Lower Manhattan Relocation and Employment Assistance Program was intended to provide benefits similar to REAP for businesses that relocate at least one employee from outside the City to a specified area in lower Manhattan. The 2004 addition of lower Manhattan to the program was an enhancement that has successfully assisted in the rebuilding and revitalization of lower Manhattan after September 11, 2001.
REAP has been an important economic development tool used to encourage businesses to relocate to less prosperous areas of New York City to increase local employment.
Fiscal impact
To be determined
Effective date
July 1, 2013
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.