S T A T E   O F   N E W   Y O R K
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                                  1261

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by M. of A. KOLB, GIGLIO, BARCLAY, CORWIN -- Multi-Sponsored
  by -- M. of A.   AMEDORE, BURLING,  BUTLER,  CALHOUN,  CONTE,  CROUCH,
  DUPREY,  HAWLEY,  JORDAN,  P. LOPEZ,  J. MILLER, MOLINARO, OAKS, RAIA,
  SALADINO, SAYWARD, 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.
              

                                                           LBD05152-01-1

A. 1261                             2

  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; AND
  (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 TWELVE, 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 AN 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
SPECIFIED.
  (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 43,
  (2) ARTICLE 22: SECTION 606: SUBSECTION (SS).
  S 24-B. MJRI WAGE CREDIT. (A) ALLOWANCE OF CREDIT.  A  TAXPAYER  WHICH
HAS RECEIVED AN 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 SPECI-
FIED.
  (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 44,
  (2) ARTICLE 22: SECTION 606: SUBSECTION (TT).
  S 24-C. MJRI ENERGY CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER  WHICH
HAS RECEIVED AN 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 SPECI-
FIED.
  (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 AN  MJRI  CERTI-
FIED  FACILITY  PURSUANT  TO  ARTICLE FOUR-D OF THE ECONOMIC DEVELOPMENT
LAW.

A. 1261                             4

  (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.
  (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 45,
  (2) ARTICLE 22: SECTION 606: SUBSECTION (UU).
  S 5. Section 210 of the tax law is amended by adding three new  subdi-
visions 43, 44 and 45 to read as follows:
  43.  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.
  44. 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.
  45. 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 is amended by adding three new clauses (xxxii), (xxxiii)
and (xxxiv) to read as follows:

(XXXII) MJRI PROPERTY TAX            AMOUNT OF MJRI PROPERTY
CREDIT UNDER SUBSECTION              TAX CREDIT UNDER SUBDIVISION
(SS)                                 FORTY-THREE OF SECTION TWO

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                                     HUNDRED TEN

(XXXIII) MJRI WAGE CREDIT UNDER      AMOUNT OF MJRI WAGE
SUBSECTION (TT)                      CREDIT UNDER SUBDIVISION
                                     FORTY-FOUR OF SECTION
                                     TWO HUNDRED TEN

(XXXIV) MJRI ENERGY CREDIT           AMOUNT OF MJRI ENERGY
UNDER SUBSECTION (UU)                CREDIT UNDER SUBDIVISION
                                     FORTY-FIVE OF SECTION
                                     TWO HUNDRED TEN

  S  7.  Section  606  of  the  tax  law  is amended by adding three new
subsections (ss), (tt) and (uu) to read as follows:
  (SS) 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.
  (TT) MJRI WAGE 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.
  (UU)  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, 2012 and before January 1, 2021; 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  that  the  MJRI  property  tax  credit under subsection (ss) of
section 606 of the tax law contained in section seven of this act  shall
expire on December 31, 2012.