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A8042Assembly2017-2018 SessionSame asS6411

Approve Tax Credit Agreement

Official title

“Relates to approving a certain agreement for a payment in lieu of taxes”

Sponsor John T. McDonald IIIAD-108Affects Finance
Status
Signed by Governor
Impact
3/10
Low
Outcome
Signed into law

Bill progress

Signed into law

What's happening

This bill allows certain payments in lieu of taxes at 8 Empire Drive, East Greenbush, to qualify for real property tax credits for specific years.

Why it matters

  1. Retroactively expands eligibility for property tax credits. to include certain payments in lieu of taxes (PILOTs) made by tenants (lessees) at 8 Empire Drive, East Greenbush, which were previously not clearly covered—potentially providing financial relief to those businesses.

  2. Overrides existing state tax law limitations. for this specific property and time period, ensuring that qualified empire zone enterprises can claim credits for PILOT payments even if such credits would otherwise be disallowed or capped under current law.

  3. Prevents double-dipping by landlords. , specifying that only tenants (not landlords) can claim the real property tax credit for these payments, as long as the landlord hasn’t already claimed the credit for the same payments.

  4. Allows retroactive claims and refunds for past tax years (2006-2011). , which could result in significant refunds or credits for eligible businesses, possibly impacting local and state tax revenues and providing an incentive for economic activity at this site during the covered period.

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Who cares

Headline styles

Approve Tax Credit Agreement

Plain English, a few words. Used as the page title.

Sponsors

Primary sponsor
John T. McDonald III

Assembly Member · Assembly District 108

Chair, Governmental Operations

No co-sponsors yet.

History

  1. Signed chap.211
  2. Delivered to governor
  3. Returned to assembly
  4. Passed senateVote 59–3
  5. 3rd reading cal.1921
  6. Substituted for S6411
  7. Referred to rules
  8. Delivered to senate
  9. Passed assembly
  10. Ordered to third reading rules cal.416
  11. Rules report cal.416
  12. Reported
Show 2 earlier actions
  1. Reported referred to rules
  2. Referred to ways and means

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.

S6411Senate

Approve Tax Credit Agreement

Senate Floor Calendar · Sponsor Kathleen A. Marchione

Impact 3 · Low0% to pass

Full text

2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗

STATE OF NEW YORK

8042

2017-2018 Regular Sessions

IN ASSEMBLY

May 25, 2017

Introduced by M. of A. McDONALD, McLAUGHLIN -- read once and referred to the Committee on Ways and Means

AN ACT in relation to approving a certain agreement for a payment in lieu of taxes

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Notwithstanding the provisions of subdivision (e) of section 15 of the tax law, any payment in lieu of taxes made by a qualified empire zone enterprise to the state, a municipal corporation, or a public benefit corporation with respect to property located at 8 Empire Drive, East Greenbush, New York, with a landlord that is a party to a payment in lieu of taxes agreement with the state, municipal corporation, or public benefit corporation shall be deemed, for the purposes of subdivision (e) of section 15 of the tax law, to constitute eligible real property taxes for all purposes and shall not be subject to any limitations set forth in subdivision (e) of section 15 of the tax law, and shall be deemed to satisfy, with respect to such eligible real property taxes, the credit limitation set forth in subdivision (f) of section 15 of the tax law, and shall be deemed to have been made pursuant to a payment in lieu of taxes agreement between the qualified empire zone enterprise and the state, municipal corporation, or public benefit corporation. Such qualified empire zone enterprise shall be eligible to claim the real property tax credit provided by section 15 of the tax law provided that for each of such periods, the landlord has not filed a claim for the real property tax credit for such payments. Notwithstanding any section of law to the contrary, a lessee shall be eligible to claim the real property tax credit for any payment in lieu of taxes it made to the state, a municipal corporation, or a public benefit corporation for the property located at 8 Empire Drive, East Greenbush, New York.

EXPLANATION--Matter in italics (underscored) is new; matter in brackets

[ ] is old law to be omitted.

LBD11798-02-7

A. 8042 2

§ 2. Notwithstanding the provisions of section 687 or 1087 of the tax law or any other provision to the contrary, a claim for a credit or refund may be filed by the taxpayer with respect to the property located at 8 Empire Drive, East Greenbush, New York, for taxable years January 1, 2006 through December 31, 2011 where the taxpayer is a qualified empire zone enterprise.

§ 3. This act shall take effect immediately and shall apply to taxable years beginning on or after January 1, 2006 and before January 1, 2012.

Reflowed for reading: line numbers and page breaks removed. Cite the official text.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.