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Sponsors
1 Co-sponsor
History
- Signed chap.435
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.68
- Substituted for A9349
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 61–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.400
Show 1 earlier action
- Referred to local government
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 eligibility of a Qualified Empire Zone Enterprise for real property tax credit for payments in lieu of taxes previously made for specified properties
Assembly Floor Calendar · Sponsor Angelo Santabarbara
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act relating to a certain agreement for a payment in lieu of taxes
Purpose
Relates to eligibility of a Qualified Empire Zone Enterprise for real property tax credit for payments in lieu of taxes previously made for specified properties.
Summary of provisions
Section one relates to eligibility for real property tax credit for payments in lieu of taxes made by a Qualified Empire Zone Enterprise for property located at 560 Broadway, Schenectady New York.
Justification
Qualified Empire Zone Enterprises (QEZE) are vital businesses within our communities that encourage job growth and foster economic development. As an incentive to participate, these entities qualify for certain tax exemptions and refunds. For example, under New York State tax law, a QEZE tenant that is responsible for property taxes under its lease is eligible for a refund for paid property taxes. Payments by a lessee made pursuant to a PILOT agreement qualify as property taxes that are eligible for this refund.
However, a policy shift within the New York State Department of Taxation and Finance resulted in the denial of credit for lessee payments as a result of the lessee not being a "party to" the PILOT agreement between the landlord and the tax jurisdiction. As a result, lessees who have been approved for the tax credit, have paid taxes consistent with their lease agreements, and have been audited by the state during the relevant time period, are now being assessed for credits awarded in prior years.
These entities have complied with the intent and spirit of the law, and have relied on the tax credit as a significant component of their economic development projects. Laws were enacted in 2012, 2013 and 2014 to provide redress for certain affected QEZEs in different parts of the state. This bill would provide similar relief.
Legislative history
Similar to Chapters 350 and 444 of 2014, Chapters 367 and 508 of 2013, and Chapter 430 of 2012.
Fiscal implications
None - such credits were previously accounted for in the State's financial plan
Effective date
Immediate and shall apply to taxable years beginning on and after January 1, 2012 and ending on or before January 1, 2016.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.