S T A T E O F N E W Y O R K
________________________________________________________________________
2798
2009-2010 Regular Sessions
I N A S S E M B L Y
January 21, 2009
___________
Introduced by M. of A. KOLB, ERRIGO, GIGLIO, WALKER, BARCLAY, CORWIN --
Multi-Sponsored by -- M. of A. ALFANO, AMEDORE, BACALLES, BARRA,
BURLING, BUTLER, CALHOUN, CONTE, CROUCH, DUPREY, HAWLEY, P. LOPEZ,
MILLER, MOLINARO, OAKS, O'MARA, RAIA, SALADINO, SAYWARD, SCOZZAFAVA,
TEDISCO, THIELE, TOBACCO -- read once and referred to the Committee on
Economic Development, Job Creation, Commerce and Industry
AN ACT to amend the economic development law and the tax law, in
relation to establishing the manufacturing jobs retention incentive
program; and providing for the repeal of certain provisions upon expi-
ration thereof
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. This act shall be known and may be cited as the "manufac-
turing jobs retention incentive program".
S 2. Legislative findings and intent. The legislature finds and
determines that historically manufacturing firms have helped to build
our state. Today, manufacturing jobs are an essential part of the
state's economy. Accordingly, the state should offer programs that
support this important sector of the state economy. The purpose of this
legislation is to establish a tax incentive program that would provide
tax credits to manufacturing firms that retain current employment levels
in the manufacturing sector over a specified period of time.
S 3. The economic development law is amended by adding a new article
4-D to read as follows:
ARTICLE 4-D
MANUFACTURING JOBS RETENTION INCENTIVE PROGRAM
SECTION 148. DEFINITIONS.
148-A. MANUFACTURING JOBS RETENTION INCENTIVE PROGRAM.
148-B. SPECIAL PROVISIONS RELATING TO CERTIFIED MANUFACTURERS.
148-C. REPORTING.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05084-01-9
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S 148. DEFINITIONS. AS USED IN THIS ARTICLE, THE FOLLOWING WORDS AND
TERMS SHALL HAVE THE FOLLOWING MEANINGS UNLESS THE CONTENT SHALL INDI-
CATE ANOTHER OR DIFFERENT MEANING OR INTENT:
1. "PROGRAM" SHALL MEAN THE MANUFACTURING JOBS RETENTION INCENTIVE
PROGRAM ESTABLISHED PURSUANT TO THIS ARTICLE.
2. "MANUFACTURING FIRM" SHALL MEAN AN ENTERPRISE ENGAGED IN THE BUSI-
NESS OF PRODUCTION OF GOODS AND PRODUCTS FROM RAW MATERIALS.
3. "MJRI" SHALL MEAN MANUFACTURING JOBS RETENTION INCENTIVE.
S 148-A. MANUFACTURING JOBS RETENTION INCENTIVE PROGRAM. 1. THERE IS
HEREBY CREATED A MANUFACTURING JOBS RETENTION INCENTIVE PROGRAM WITHIN
THE DEPARTMENT TO PROVIDE TECHNICAL AND FINANCIAL ASSISTANCE IN THE FORM
OF TAX INCENTIVES TO MANUFACTURING FIRMS THAT RETAIN THEIR CURRENT
LEVELS OF EMPLOYMENT OVER A PERIOD OF TEN YEARS.
2. THE COMMISSIONER SHALL DETERMINE ELIGIBILITY REQUIREMENTS FOR
PARTICIPATION IN THE PROGRAM, PROVIDED, HOWEVER, THAT SUCH REQUIREMENTS
INCLUDE THE FOLLOWING:
(A) AN APPLICANT SHALL HAVE MAINTAINED OFFICES WITHIN THE STATE FOR AT
LEAST FIVE YEARS PRIOR TO APPLICATION FOR PARTICIPATION IN THE PROGRAM;
(B) AN APPLICANT MAY NOT PARTICIPATE IN THE PROGRAM IF DESIGNATED AS A
CERTIFIED BUSINESS LOCATED IN AN EMPIRE ZONE CREATED PURSUANT TO ARTICLE
EIGHTEEN-B OF THE GENERAL MUNICIPAL LAW;
(C) AN APPLICANT THAT HAS PREVIOUSLY PARTICIPATED IN THE PROGRAM MAY
REAPPLY FOR PARTICIPATION IN THE PROGRAM, PROVIDED THAT IF AN APPLICANT
HAS HAD THEIR PARTICIPATION IN THE PROGRAM TERMINATED FOR FAILURE TO
MEET THE RETENTION REQUIREMENTS THE APPLICANT MAY NOT REAPPLY FOR A
PERIOD OF FIVE YEARS;
(D) AN APPLICANT MUST EMPLOY AT LEAST TEN EMPLOYEES.
3. APPLICATIONS FOR PARTICIPATION IN THE MANUFACTURING JOBS RETENTION
INCENTIVE PROGRAM SHALL BE IN THE FORM AND CONTAIN SUCH INFORMATION,
EXHIBITS AND SUPPORTING DATA AS THE COMMISSIONER MAY PRESCRIBE.
4. THE COMMISSIONER SHALL REVIEW ALL APPLICATIONS FOR PARTICIPATION IN
THE PROGRAM FOR ELIGIBILITY AND SHALL REGISTER THE EMPLOYMENT LEVELS OF
ELIGIBLE APPLICANTS. EACH YEAR, EACH REGISTERED APPLICANT SHALL SUBMIT
TO THE COMMISSIONER AN ANNUAL REGISTRATION STATEMENT, TOGETHER WITH SUCH
INFORMATION, EXHIBITS AND SUPPORTING DATA AS THE COMMISSIONER MAY
REQUIRE. THE COMMISSIONER SHALL REVIEW THE REGISTERED APPLICANT'S FILE
FOR CONTINUED ELIGIBILITY FOR THE TAX INCENTIVES. IF THE REGISTERED
APPLICANT HAS MAINTAINED ITS INITIAL LEVELS OF EMPLOYMENT, THE COMMIS-
SIONER SHALL PROVIDE A CERTIFICATE FOR THE TAXABLE YEARS THAT THE APPLI-
CANT IS ELIGIBLE FOR THE TAX CREDITS PURSUANT TO THIS ARTICLE.
S 148-B. SPECIAL PROVISIONS RELATING TO CERTIFIED MANUFACTURERS. 1.
DURING THE CERTIFICATION PERIOD, THE PARTICIPATING MANUFACTURING FIRM
SHALL RECEIVE THE FOLLOWING TAX CREDITS:
(A) FOR THE MJRI PROPERTY TAX CREDIT, THE TAX CREDIT SHALL BE COMPUTED
PURSUANT TO SECTION TWENTY-FOUR-A OF THE TAX LAW;
(B) FOR THE MJRI WAGE CREDIT, THE TAX CREDIT SHALL BE COMPUTED PURSU-
ANT TO SECTION TWENTY-FOUR-B OF THE TAX LAW; AND
(C) FOR THE MJRI ENERGY CREDIT, THE TAX CREDIT SHALL BE COMPUTED
PURSUANT TO SECTION TWENTY-FOUR-C OF THE TAX LAW.
2. AN APPLICANT SHALL RECEIVE TWENTY-FIVE PERCENT OF THE AVAILABLE
CREDITS FOR EACH OF THE FIRST FIVE YEARS OF PARTICIPATION, FIFTY PERCENT
OF THE AVAILABLE CREDITS FOR THE NEXT THREE YEARS AND ONE HUNDRED
PERCENT OF THE AVAILABLE CREDITS FOR THE FINAL TWO YEARS OF PARTIC-
IPATION. PARTICIPANTS MUST QUALIFY IN EVERY YEAR OF THE PROGRAM TO
RECEIVE CREDITS.
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S 148-C. REPORTING. THE COMMISSIONER SHALL, ON OR BEFORE SEPTEMBER
FIRST, TWO THOUSAND TEN, AND ANNUALLY THEREAFTER, SUBMIT A REPORT TO THE
GOVERNOR, THE TEMPORARY PRESIDENT OF THE SENATE, THE SPEAKER OF THE
ASSEMBLY AND THE MINORITY LEADERS OF THE SENATE AND THE ASSEMBLY ON THE
OPERATION AND ACCOMPLISHMENTS OF THE PROGRAM PROVIDED FOR PURSUANT TO
THIS ARTICLE.
S 4. The tax law is amended by adding three new sections 24-a, 24-b
and 24-c to read as follows:
S 24-A. MJRI PROPERTY TAX CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER
WHICH HAS RECEIVED A MJRI CERTIFICATE FOR THE TAXABLE YEAR, AND IS
SUBJECT TO TAX UNDER ARTICLE NINE-A OR TWENTY-TWO OF THIS CHAPTER SHALL
BE ALLOWED A CREDIT AGAINST SUCH TAX, PURSUANT TO THE PROVISIONS REFER-
ENCED IN SUBDIVISION (D) OF THIS SECTION, TO BE COMPUTED AS HEREINAFTER.
(B) DEFINITION. THE TERM "ELIGIBLE REAL PROPERTY TAXES" SHALL MEAN
TAXES IMPOSED ON REAL PROPERTY WHICH HAS BEEN CERTIFIED AS MJRI PROPERTY
PURSUANT TO ARTICLE FOUR-D OF THE ECONOMIC DEVELOPMENT LAW. IN ADDITION,
THE TERM "ELIGIBLE REAL PROPERTY TAXES" INCLUDES PAYMENTS IN LIEU OF
TAXES MADE BY THE TAXPAYER TO THE STATE, A MUNICIPAL CORPORATION OR A
PUBLIC BENEFIT CORPORATION PURSUANT TO A WRITTEN AGREEMENT ENTERED INTO
BY THE TAXPAYER AND THE STATE, MUNICIPAL CORPORATION OR PUBLIC BENEFIT
CORPORATION.
(C) APPLICATION OF THE CREDIT. THE AMOUNT OF THE CREDIT SHALL EQUAL
THE PRODUCT (OR PRO RATA SHARE OF THE PRODUCT, IN THE CASE OF A MEMBER
OF A PARTNERSHIP) OF TEN PERCENT AND THE ELIGIBLE REAL PROPERTY TAXES.
(D) CROSS-REFERENCES. FOR APPLICATION OF THE CREDIT PROVIDED FOR IN
THIS SUBDIVISION, SEE THE FOLLOWING PROVISIONS OF THIS CHAPTER:
(1) ARTICLE 9-A: SECTION 210: SUBDIVISION 41,
(2) ARTICLE 22: SECTION 606: SUBSECTION (QQ).
S 24-B. MJRI WAGE CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER WHICH
HAS RECEIVED A MJRI CERTIFICATE FOR THE TAXABLE YEAR, AND IS SUBJECT TO
TAX UNDER ARTICLE NINE-A OR TWENTY-TWO OF THIS CHAPTER SHALL BE ALLOWED
A CREDIT AGAINST SUCH TAX, PURSUANT TO THE PROVISIONS REFERENCED IN
SUBDIVISION (D) OF THIS SECTION, TO BE COMPUTED AS HEREINAFTER.
(B) DEFINITION. THE TERM "ELIGIBLE WAGES" SHALL MEAN GROSS WAGES PAID
TO EMPLOYEES WHO HAVE BEEN CERTIFIED AS MJRI EMPLOYEES PURSUANT TO ARTI-
CLE FOUR-D OF THE ECONOMIC DEVELOPMENT LAW.
(C) APPLICATION OF THE CREDIT. THE AMOUNT OF THE CREDIT SHALL EQUAL
THE PRODUCT (OR PRO RATA SHARE OF THE PRODUCT, IN THE CASE OF A MEMBER
OF A PARTNERSHIP) OF ONE PERCENT AND THE ELIGIBLE WAGES.
(D) CROSS-REFERENCES. FOR APPLICATION OF THE CREDIT PROVIDED FOR IN
THIS SUBDIVISION, SEE THE FOLLOWING PROVISIONS OF THIS CHAPTER:
(1) ARTICLE 9-A: SECTION 210: SUBDIVISION 42,
(2) ARTICLE 22: SECTION 606: SUBSECTION (RR).
S 24-C. MJRI ENERGY CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER WHICH
HAS RECEIVED A MJRI CERTIFICATE FOR THE TAXABLE YEAR, AND IS SUBJECT TO
TAX UNDER ARTICLE NINE-A OR TWENTY-TWO OF THIS CHAPTER SHALL BE ALLOWED
A CREDIT AGAINST SUCH TAX, PURSUANT TO THE PROVISIONS REFERENCED IN
SUBDIVISION (E) OF THIS SECTION, TO BE COMPUTED AS HEREINAFTER.
(B) DEFINITION. THE TERM "ELIGIBLE ENERGY COSTS" SHALL MEAN THE COST
OF ELECTRICITY, NATURAL GAS, OR ANY OTHER ENERGY PRODUCT OR SERVICE
WHICH THE TAXPAYER HAS USED AS PART OF THE OPERATION OF A MJRI CERTIFIED
FACILITY PURSUANT TO ARTICLE FOUR-D OF THE ECONOMIC DEVELOPMENT LAW.
(C) THE LIMITATION SHALL BE THE PRODUCT OF FIFTY DOLLARS AND THE
NUMBER OF EMPLOYEES CERTIFIED AS MJRI EMPLOYEES PURSUANT TO ARTICLE
FOUR-D OF THE ECONOMIC DEVELOPMENT LAW.
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(D) APPLICATION OF THE CREDIT. THE AMOUNT OF THE CREDIT SHALL EQUAL
THE PRODUCT (OR PRO RATA SHARE OF THE PRODUCT, IN THE CASE OF A MEMBER
OF A PARTNERSHIP) OF ONE HUNDRED PERCENT AND THE ELIGIBLE ENERGY COSTS.
(E) CROSS-REFERENCES. FOR APPLICATION OF THE CREDIT PROVIDED FOR IN
THIS SUBDIVISION, SEE THE FOLLOWING PROVISIONS OF THIS CHAPTER:
(1) ARTICLE 9-A: SECTION 210: SUBDIVISION 43,
(2) ARTICLE 22: SECTION 606: SUBSECTION (SS).
S 5. Section 210 of the tax law is amended by adding three new subdi-
visions 41, 42 and 43 to read as follows:
41. MJRI PROPERTY TAX CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER
SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION TWEN-
TY-ONE, AS ADDED BY CHAPTER SIX HUNDRED EIGHTY-SIX OF THE LAWS OF TWO
THOUSAND THREE, OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTI-
CLE.
(B) CARRYOVERS. THE CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY
TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE
HIGHER OF THE AMOUNTS PRESCRIBED IN PARAGRAPHS (C) AND (D) OF SUBDIVI-
SION ONE OF THIS SECTION. PROVIDED, HOWEVER, IF THE AMOUNT OF THIS CRED-
IT ALLOWABLE UNDER THIS SECTION FOR ANY TAXABLE YEAR REDUCES TAX TO SUCH
AMOUNT, ANY AMOUNT OF THE CREDIT NOT DEDUCTIBLE IN SUCH TAXABLE YEAR MAY
BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED FROM
THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
42. MJRI WAGE CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE
ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION TWENTY-ONE, AS
ADDED BY CHAPTER SIX HUNDRED EIGHTY-SIX OF THE LAWS OF TWO THOUSAND
THREE, OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.
(B) CARRYOVERS. THE CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY
TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE
HIGHER OF THE AMOUNTS PRESCRIBED IN PARAGRAPHS (C) AND (D) OF SUBDIVI-
SION ONE OF THIS SECTION. PROVIDED, HOWEVER, IF THE AMOUNT OF THIS CRED-
IT ALLOWABLE UNDER THIS SECTION FOR ANY TAXABLE YEAR REDUCES TAX TO SUCH
AMOUNT, ANY AMOUNT OF THE CREDIT NOT DEDUCTIBLE IN SUCH TAXABLE YEAR MAY
BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED FROM
THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
43. MJRI ENERGY CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE
ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION TWENTY-ONE, AS
ADDED BY CHAPTER SIX HUNDRED EIGHTY-SIX OF THE LAWS OF TWO THOUSAND
THREE, OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.
(B) CARRYOVERS. THE CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY
TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE
HIGHER OF THE AMOUNTS PRESCRIBED IN PARAGRAPHS (C) AND (D) OF SUBDIVI-
SION ONE OF THIS SECTION. PROVIDED, HOWEVER, IF THE AMOUNT OF THIS CRED-
IT ALLOWABLE UNDER THIS SECTION FOR ANY TAXABLE YEAR REDUCES TAX TO SUCH
AMOUNT, ANY AMOUNT OF THE CREDIT NOT DEDUCTIBLE IN SUCH TAXABLE YEAR MAY
BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED FROM
THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
S 6. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
of the tax law, as amended by section 2 of part ZZ1 of chapter 57 of the
laws of 2008, is amended to read as follows:
(B) shall be treated as the owner of a new business with respect to
such share if the corporation qualifies as a new business pursuant to
paragraph (j) of subdivision twelve of section two hundred ten of this
chapter.
The corporation's credit base under
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section two hundred ten or section
With respect to the following fourteen hundred fifty-six of this
credit under this section: chapter is:
(I) Investment tax credit Investment credit base
under subsection (a) or qualified
rehabilitation
expenditures under
subdivision twelve of
section two hundred ten
(II) Empire zone Cost or other basis
investment tax credit under subdivision
under subsection (j) twelve-B
of section two hundred
ten
(III) Empire zone Eligible wages under
wage tax credit subdivision nineteen of
under subsection (k) section two hundred ten
or subsection (e) of
section fourteen hundred
fifty-six
(IV) Empire zone Qualified investments
capital tax credit and contributions under
under subsection (l) subdivision twenty of
section two hundred ten
or subsection (d) of
section fourteen hundred
fifty-six
(V) Agricultural property tax Allowable school
credit under subsection (n) district property taxes under
subdivision twenty-two of
section two hundred ten
(VI) Credit for employment Qualified first-year wages or
of persons with dis- qualified second-year wages
abilities under under subdivision
subsection (o) twenty-three of section
two hundred ten
or subsection (f)
of section fourteen
hundred fifty-six
(VII) Employment incentive Applicable investment credit
credit under subsec- base under subdivision
tion (a-1) twelve-D of section two
hundred ten
(VIII) Empire zone Applicable investment
employment credit under sub-
incentive credit under division twelve-C
subsection (j-1) of section two hundred ten
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(IX) Alternative fuels credit Cost under subdivision
under subsection (p) twenty-four of section two
hundred ten
(X) Qualified emerging Applicable credit base
technology company under subdivision twelve-E
employment credit of section two hundred ten
under subsection (q)
(XI) Qualified emerging Qualified investments under
technology company subdivision twelve-F of
capital tax credit section two hundred ten
under subsection (r)
(XII) Credit for purchase of an Cost of an automated
automated external defibrillator external defibrillator under
under subsection (s) subdivision twenty-five of
section two hundred ten
or subsection (j) of section
fourteen hundred fifty-six
(XIII) Low-income housing Credit amount under
credit under subsection (x) subdivision thirty
of section two hundred ten or
subsection (l) of section
fourteen hundred fifty-six
(XIV) Credit for transportation Amount of credit under
improvement contributions subdivision thirty-two of section
under subsection (z) two hundred ten or subsection
(n) of section fourteen
hundred fifty-six
(XV) QEZE credit for real property Amount of credit under
taxes under subsection (bb) subdivision twenty-seven of
section two hundred ten or
subsection (o) of section
fourteen hundred fifty-six
(XVI) QEZE tax reduction credit Amount of benefit period
under subsection (cc) factor, employment increase factor
and zone allocation
factor (without regard
to pro ration) under
subdivision twenty-eight of
section two hundred ten or
subsection (p) of section
fourteen hundred fifty-six
and amount of tax factor
as determined under
subdivision (f) of section sixteen
(XVII) Green building credit Amount of green building
under subsection (y) credit under subdivision thirty-one
of section two hundred ten
or subsection (m) of section
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fourteen hundred fifty-six
(XVIII) Credit for long-term Qualified costs under
care insurance premiums subdivision twenty-five-a of
under subsection (aa) section two hundred ten
or subsection (k) of section
fourteen hundred fifty-six
(XIX) Brownfield redevelopment Amount of credit
credit under subsection under subdivision
(dd) thirty-three of section
two hundred ten
or subsection (q) of
section fourteen hundred
fifty-six
(XX) Remediated brownfield Amount of credit under
credit for real property subdivision thirty-four
taxes for qualified of section two hundred
sites under subsection ten or subsection (r) of
(ee) section fourteen hundred
fifty-six
(XXI) Environmental Amount of credit under
remediation subdivision thirty-five of
insurance credit under section two hundred
subsection (ff) ten or subsection
(s) of section
fourteen hundred
fifty-six
(XXII) Empire state film production Amount of credit for
credit under subsection (gg) qualified
production costs in production
of a qualified film under
subdivision thirty-six of
section two hundred ten
(XXIII) Qualified emerging Qualifying expenditures and
technology company facilities, development activities under
operations and training credit subdivision twelve-G of section
under subsection (nn) two hundred ten
(XXIV) Security training tax Amount of credit
credit under under subdivision thirty-seven
subsection (ii) of section two hundred ten or
under subsection (t) of
section fourteen hundred fifty-six
(XXV) Credit for qualified fuel Amount of credit under
cell electric generating equipment subdivision thirty-seven
expenditures under subsection (g-2) of section two hundred ten
or subsection (t) of
section fourteen hundred
fifty-six
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(XXVI) Empire state commercial Amount of credit for qualified
production credit under production costs in production
subsection (jj) of a qualified commercial under
subdivision thirty-eight of sec-
tion two hundred ten
(XXVII) Biofuel production Amount of credit
tax credit under under subdivision
subsection (jj) thirty-eight of
section two hundred ten
(XXVIII) Clean heating fuel credit Amount of credit under
under subsection (mm) subdivision thirty-nine of
section two hundred ten
(XXIX) Credit for rehabilitation Amount of credit under
of historic properties subdivision forty of
under subsection (oo) [subsection] SECTION two hundred
ten
(XXX) Credit for companies who Amount of credit under
provide transportation subdivision forty of
to individuals section two hundred ten
with disabilities
under subsection (oo)
(XXXI) MJRI PROPERTY TAX AMOUNT OF MJRI PROPERTY
CREDIT UNDER SUBSECTION TAX CREDIT UNDER SUBDIVISION
(QQ) FORTY-ONE OF SECTION TWO
HUNDRED TEN
(XXXII) MJRI WAGE CREDIT UNDER AMOUNT OF MJRI WAGE
SUBSECTION (RR) CREDIT UNDER SUBDIVISION
FORTY-TWO OF SECTION
TWO HUNDRED TEN
(XXXIII) MJRI ENERGY CREDIT AMOUNT OF MJRI ENERGY
UNDER SUBSECTION (SS) CREDIT UNDER SUBDIVISION
FORTY-THREE OF SECTION
TWO HUNDRED TEN
S 7. Section 606 of the tax law is amended by adding three new
subsections (qq), (rr) and (ss) to read as follows:
(QQ) MJRI PROPERTY TAX CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER
SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION TWEN-
TY-ONE, AS ADDED BY CHAPTER SIX HUNDRED EIGHTY-SIX OF THE LAWS OF TWO
THOUSAND THREE, OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTI-
CLE.
(2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE
CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST
SHALL BE PAID THEREON.
(RR) MJRI WAGE CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE
ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION TWENTY-ONE, AS
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ADDED BY CHAPTER SIX HUNDRED EIGHTY-SIX OF THE LAWS OF TWO THOUSAND
THREE, OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.
(2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE
CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST
SHALL BE PAID THEREON.
(SS) MJRI ENERGY CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE
ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION TWENTY-ONE, AS
ADDED BY CHAPTER SIX HUNDRED EIGHTY-SIX OF THE LAWS OF TWO THOUSAND
THREE, OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.
(2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE
CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST
SHALL BE PAID THEREON.
S 8. This act shall take effect on the one hundred eightieth day after
it shall have become a law and shall apply to taxable years beginning on
or after January 1, 2010 and before January 1, 2019; provided, however,
that the addition, amendment and/or repeal of any rule or regulation
necessary for the implementation of this act on its effective date are
authorized and directed to be made on or before such date; and provided,
further, however that the empire state film production credit under
subsection (gg), the empire state commercial production credit under
subsection (jj) and the credit for companies who provide transportation
to individuals with disabilities under subsection (oo) of section 606 of
the tax law contained in section six of this act shall expire on the
same date as provided in section 9 of part P of chapter 60 of the laws
of 2004, as amended, section 10 of part V of chapter 62 of the laws of
2006, as amended and section 5 of chapter 522 of the laws of 2006, as
amended, respectively; and provided, further that the MJRI property tax
credit under subsection (qq) of section 606 of the tax law contained in
section seven of this act shall expire on the same date as provided in
section 3 of chapter 522 of the laws of 2006, as amended.