NY State Senate Bill 2015-S7398

Senate Bill S7398

2015-2016 Legislative Session

Relates to establishing the manufacturing development zone program and tax credits related thereto

download bill text pdf

Archive: Last Bill Status - In Senate Committee Commerce, Economic Development And Small Business Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Apr 27, 2016	referred to commerce, economic development and small business

2015-S7398 (ACTIVE) - Details

Current Committee:: Senate Commerce, Economic Development And Small Business
Law Section:: Economic Development Law
Laws Affected:: Add Art 23 §§450 - 453, Ec Dev L; add §423-a, RPT L; amd §606, Tax L
Versions Introduced in Other Legislative Sessions:: 2017-2018: S4685
2019-2020: S2483
2021-2022: S3918
2023-2024: S4139

2015-S7398 (ACTIVE) - Summary

Relates to establishing the manufacturing development zone program and tax credits related thereto.

2015-S7398 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S7398

 TITLE OF BILL :  An act to amend the economic development law, the
real property tax law and the tax law, in relation to the
manufacturing development zone program and tax credits related thereto

 PURPOSE :

To encourage business entities engaged in manufacturing outside the
state to invest in manufacturing facilities in manufacturing
development zones in New York.

 SUMMARY OF PROVISIONS :

Section 1 of the bill amends the economic development law by adding a
new article 23, sections 450 through 453, creating the Manufacturing
Development Zone Program.

Section 450 contains definitions.

Section 451 states the purpose of the program is to encourage business
entities engaged in manufacturing outside the state to invest in
manufacturing facilities in manufacturing development zones in New
York.

Section 452 provides the eligibility and application process and

requirements for establishing a manufacturing development zone.
Political subdivisions submit applications and the commissioner makes
the designations.

Section 453 provides the tax incentives available to eligible business
entities that locate in a manufacturing development zone. On or before
December 15 of each year, the department and comptroller shall submit
a report outlining their findings in determining the effectiveness of
these tax credits.

Section 2 of the bill amends the real property tax law by adding a new
section 423-a creating a tax credit to a non-residential property used
in a manufacturing trade or business by a business entity located in a
manufacturing development zone as provided.

Section 3 of the bill amends the tax law by adding a new subsection
(ccc) creating the manufacturing development zone program tax credit
with the parameters described herein.

Section 4 of the bill provides this act shall take effect immediately.

 EXISTING LAW :

New law

 JUSTIFICATION :

New York is open for business. Establishing manufacturing development
zones in the state with tax incentives will encourage manufacturing
and economic development here, providing a boost to the state economy.
In order to continue prospering, we should not allow these
opportunities to be lost to other states.

 LEGISLATIVE HISTORY :

New bill

 FISCAL IMPLICATIONS :

Undetermined
 LOCAL FISCAL IMPLICATIONS :

Undetermined

 EFFECTIVE DATE :
This act shall take effect immediately.

2015-S7398 (ACTIVE) - Bill Text download pdf

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

                                  7398

                            I N  S E N A T E

                             April 27, 2016
                               ___________

Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
  printed to be committed to the Committee on Commerce, Economic  Devel-
  opment and Small Business

AN  ACT to amend the economic development law, the real property tax law
  and the tax law, in relation to  the  manufacturing  development  zone
  program and tax credits related thereto

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The economic development law is amended  by  adding  a  new
article 23 to read as follows:
                                ARTICLE 23
                 MANUFACTURING DEVELOPMENT ZONE PROGRAM
SECTION 450. DEFINITIONS.
        451. PURPOSE.
        452. ELIGIBILITY AND APPLICATION PROCESS.
        453. TAX CREDIT INCENTIVES.
  S 450. DEFINITIONS. AS USED IN THIS ARTICLE, THE FOLLOWING TERMS SHALL
HAVE THE FOLLOWING MEANINGS:
  1.  "AREA"  MEANS  A GEOGRAPHIC AREA IN ONE OR MORE POLITICAL SUBDIVI-
SIONS IN THE STATE DESCRIBED BY A CLOSED PERIMETER BOUNDARY.
  2. "BUSINESS ENTITY" MEANS A PERSON THAT OPERATES OR CONDUCTS A  TRADE
OR BUSINESS THAT IS ENGAGED IN HEAVY MANUFACTURING.
  3.  "HEAVY  MANUFACTURING" MEANS A MANUFACTURING PROCESS THAT INVOLVES
LARGE SCALE PROJECTS.  IT INCLUDES CONSTRUCTION, MINING, AND METAL PROC-
ESSING, BUT DOES NOT INCLUDE THE PROCESSING,  FABRICATING,  ASSEMBLY  OR
DISASSEMBLY  OF  APPAREL,  DECORATIONS,  ELECTRONIC  DEVICES, FOOD, HOME
ACCESSORIES, INSTRUMENTS, JEWELRY, LEATHER, PAPER, OR TEXTILES.
  4. "MANUFACTURING DEVELOPMENT ZONE" MEANS  AN  AREA  DESIGNATED  AS  A
MANUFACTURING  DEVELOPMENT  ZONE  BY  THE COMMISSIONER UNDER SUBDIVISION
FOUR OF SECTION FOUR HUNDRED FIFTY-TWO OF THIS ARTICLE.
  5. "POLITICAL SUBDIVISION" MEANS A COUNTY OR MUNICIPAL CORPORATION.
  6. "SUBMISSION DATE" MEANS APRIL FIFTEENTH OR OCTOBER FIFTEENTH.
  S 451. PURPOSE. THE PURPOSE  OF  THE  MANUFACTURING  DEVELOPMENT  ZONE
PROGRAM  IS  TO  ENCOURAGE  BUSINESS  ENTITIES  ENGAGED IN MANUFACTURING

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

                                                           LBD13748-02-6

S. 7398                             2

OUTSIDE THE STATE TO INVEST IN MANUFACTURING FACILITIES IN MANUFACTURING
DEVELOPMENT ZONES.
  S 452. ELIGIBILITY AND APPLICATION PROCESS. 1. THE FOLLOWING POLITICAL
SUBDIVISIONS MAY APPLY TO DESIGNATE A MANUFACTURING DEVELOPMENT ZONE:
  (A)  A  POLITICAL  SUBDIVISION FOR AN AREA WITHIN A POLITICAL SUBDIVI-
SION;
  (B) WITH THE PRIOR CONSENT OF THE MUNICIPAL CORPORATION, A  COUNTY  ON
BEHALF  OF  A  MUNICIPAL CORPORATION FOR AN AREA IN THE MUNICIPAL CORPO-
RATION; OR
  (C) TWO OR MORE POLITICAL SUBDIVISIONS JOINTLY  FOR  AN  AREA  ASTRIDE
THEIR COMMON BOUNDARIES;
  2. THE APPLICATION SHALL:
  (A)  BE  IN  THE  FORM AND MANNER AND CONTAIN THE INFORMATION THAT THE
COMMISSIONER REQUIRES BY REGULATION;
  (B) BE SUBMITTED FOR A POLITICAL  SUBDIVISION  BY  ITS  CHIEF  ELECTED
OFFICER OR, IF NONE, ITS GOVERNING BODY;
  (C) STATE WHETHER THE POLITICAL SUBDIVISION HAS EXAMINED THE FEASIBIL-
ITY  OF CREATING EDUCATIONAL OR TRAINING OPPORTUNITIES FOR EMPLOYERS AND
EMPLOYEES OF BUSINESS ENTITIES LOCATED OR TO BE LOCATED IN THE  PROPOSED
MANUFACTURING DEVELOPMENT ZONE;
  (D)  STATE THE STANDARDS ESTABLISHED BY THE POLITICAL SUBDIVISION THAT
A BUSINESS ENTITY SHALL MEET BEFORE RECEIVING THE INCENTIVES AND  INITI-
ATIVES UNDER SECTION FOUR HUNDRED FIFTY-THREE OF THIS ARTICLE; AND
  (E)  STATE  THE  METHODS  THAT  THE POLITICAL SUBDIVISIONS WILL USE TO
TARGET AND ATTRACT BUSINESS ENTITIES.
  3. (A) THE COMMISSIONER SHALL SUBMIT EACH APPLICATION TO  THE  DEPART-
MENT.
  (B)  WITHIN  THIRTY  DAYS  OF RECEIVING AN APPLICATION, THE DEPARTMENT
SHALL APPROVE OR REJECT AN APPLICATION.
  4. (A) WITHIN SIXTY DAYS AFTER A SUBMISSION DATE, THE COMMISSIONER MAY
DESIGNATE ONE OR MORE MANUFACTURING DEVELOPMENT  ZONES  FROM  AMONG  THE
AREAS DESCRIBED IN THE APPLICATIONS AND APPROVED BY THE DEPARTMENT UNDER
SUBDIVISION THREE OF THIS SECTION.
  (B)  THE DESIGNATION OF AN AREA AS A MANUFACTURING DEVELOPMENT ZONE IS
EFFECTIVE FOR TEN YEARS.
  (C) THE COMMISSIONER MAY NOT DESIGNATE  MORE  THAN  SIX  MANUFACTURING
DEVELOPMENT ZONES IN A CALENDAR YEAR.
  (D)  A  COUNTY MAY NOT RECEIVE MORE THAN TWO MANUFACTURING DEVELOPMENT
ZONES IN A CALENDAR YEAR.
  5. THE DESIGNATION OF THE COMMISSIONER IS FINAL.
  6. AT ANY TIME, A POLITICAL SUBDIVISION MAY REAPPLY TO THE COMMISSION-
ER TO DESIGNATE AS A MANUFACTURING DEVELOPMENT ZONE AN AREA THAT IS  NOT
DESIGNATED.
  7. (A) A POLITICAL SUBDIVISION MAY APPLY TO THE COMMISSIONER TO EXPAND
AN  EXISTING  MANUFACTURING  DEVELOPMENT  ZONE IN THE SAME MANNER AS THE
POLITICAL SUBDIVISION WOULD  APPLY  TO  DESIGNATE  A  NEW  MANUFACTURING
DEVELOPMENT ZONE.
  (B)  THE COMMISSIONER MAY GRANT AN EXPANSION OF A MANUFACTURING DEVEL-
OPMENT ZONE INTO AN AREA.
  (C) FOR PURPOSES OF SUBDIVISIONS FOUR, FIVE AND SIX OF  THIS  SECTION,
AN  EXPANSION  OF  A MANUFACTURING DEVELOPMENT ZONE THAT DOES NOT EXCEED
FIFTY PERCENT OF THE  GEOGRAPHIC  AREA  OF  THE  EXISTING  MANUFACTURING
DEVELOPMENT  ZONE  DOES NOT COUNT TOWARDS THE LIMIT ON THE NUMBER OF THE
MANUFACTURING DEVELOPMENT ZONES THAT THE COMMISSIONER MAY DESIGNATE IN A
CALENDAR YEAR OR A COUNTY MAY RECEIVE IN A CALENDAR YEAR.

S. 7398                             3

  8. (A) THE COMMISSIONER MAY GRANT ONE  EXTRAORDINARY  EXPANSION  OF  A
MANUFACTURING  DEVELOPMENT  ZONE  IN THE STATE EACH CALENDAR YEAR FOR AN
AREA THAT, IN THE DETERMINATION OF  THE  COMMISSIONER,  HAS  SUFFERED  A
SIGNIFICANT LOSS OF ECONOMIC BASE.
  (B)  FOR  PURPOSES OF SUBDIVISIONS FOUR, FIVE AND SIX OF THIS SECTION,
AN EXTRAORDINARY EXPANSION OF A MANUFACTURING DEVELOPMENT ZONE DOES  NOT
COUNT TOWARDS THE LIMIT ON THE NUMBER OF MANUFACTURING DEVELOPMENT ZONES
THAT  THE  COMMISSIONER MAY DESIGNATE IN A CALENDAR YEAR OR A COUNTY MAY
RECEIVE IN A CALENDAR YEAR.
  S 453. TAX CREDIT INCENTIVES. 1. TO THE EXTENT PROVIDED  FOR  IN  THIS
SECTION, A BUSINESS ENTITY IS ENTITLED TO:
  (A) THE PROPERTY TAX CREDIT PROVIDED FOR IN SECTION FOUR HUNDRED TWEN-
TY-THREE-A OF THE REAL PROPERTY TAX LAW;
  (B)  THE INCOME TAX CREDIT PROVIDED FOR IN SUBSECTION (CCC) OF SECTION
SIX HUNDRED SIX OF THE TAX LAW;
  2. A BUSINESS ENTITY THAT MOVES INTO OR  LOCATES  IN  A  MANUFACTURING
DEVELOPMENT ZONE ON OR AFTER THE DATE THAT THE MANUFACTURING DEVELOPMENT
ZONE IS DESIGNATED UNDER SUBDIVISIONS FOUR, FIVE AND SIX OF SECTION FOUR
HUNDRED  FIFTY-TWO  OF THIS ARTICLE MAY BENEFIT FROM THE INCENTIVE UNDER
THIS SECTION IF:
  (A) THE BUSINESS ENTITY MEETS THE STATUTORY  REQUIREMENTS  AND  CONDI-
TIONS APPLICABLE TO EACH INCENTIVE OR INITIATIVE;
  (B)  THE  RESPECTIVE POLITICAL SUBDIVISION CERTIFIES THAT THE BUSINESS
ENTITY HAS COMPLIED WITH THE STANDARDS THAT THE  SUBDIVISIONS  SUBMITTED
UNDER PARAGRAPH (D) OF SUBDIVISION TWO OF SECTION FOUR HUNDRED FIFTY-TWO
OF THIS ARTICLE;
  (C)  THE  BUSINESS  ENTITY  CREATES  NEW OR ADDITIONAL JOBS OR MAKES A
CAPITAL INVESTMENT TO QUALIFY FOR THE PROPERTY TAX CREDIT UNDER  SECTION
FOUR  HUNDRED TWENTY-THREE-A OF THE REAL PROPERTY TAX LAW AND THE INCOME
TAX CREDIT UNDER SUBSECTION (CCC) OF SECTION SIX HUNDRED SIX OF THE  TAX
LAW;
  (D)  THE  BUSINESS ENTITY IS ENGAGED IN A MANUFACTURING TRADE OR BUSI-
NESS ON REAL PROPERTY WITHIN THE MANUFACTURING DEVELOPMENT ZONE THAT THE
BUSINESS ENTITY OWNS; AND
  (E) THE COMMISSIONER DETERMINES THAT THE BUSINESS ENTITY DOES NOT HAVE
AN ECONOMIC PRESENCE IN THE STATE PRIOR TO LOCATING IN THE MANUFACTURING
DEVELOPMENT ZONE AND IS ENGAGED IN A MANUFACTURING TRADE OR BUSINESS.
  3. THE INCENTIVES AND INITIATIVES PROVIDED FOR IN THIS SECTION ARE NOT
AVAILABLE TO A BUSINESS ENTITY  THAT  WAS  LOCATED  IN  A  MANUFACTURING
DEVELOPMENT ZONE BEFORE THE DATE THAT THE MANUFACTURING DEVELOPMENT ZONE
IS  DESIGNATED,  EXCEPT  FOR A CAPITAL INVESTMENT OR AN EXPANSION OF ITS
LABOR FORCE THAT OCCURS ON OR AFTER THE MANUFACTURING  DEVELOPMENT  ZONE
IS DESIGNATED.
  4.  (A)  EXCEPT  AS PROVIDED IN SECTION FOUR HUNDRED TWENTY-THREE-A OF
THE REAL PROPERTY TAX LAW, THE INCENTIVES AND INITIATIVES SET  FORTH  IN
THIS  SECTION ARE AVAILABLE FOR TEN YEARS AFTER THE DATE THAT AN AREA IS
DESIGNATED A MANUFACTURING DEVELOPMENT ZONE.
  (B) A LAW ENACTED AFTER THE EFFECTIVE DATE OF THIS SECTION THAT ELIMI-
NATES OR REDUCES THE BENEFITS AVAILABLE TO A BUSINESS ENTITY UNDER  THIS
SECTION  DOES NOT APPLY TO A BUSINESS ENTITY THAT WAS IN A MANUFACTURING
DEVELOPMENT ZONE BEFORE THE EFFECTIVE DATE OF THIS SECTION.
  5. NOTWITHSTANDING SUBDIVISION FOUR OF THIS SECTION, A BUSINESS ENTITY
LOCATED IN A MANUFACTURING DEVELOPMENT ZONE MAY NOT RECEIVE  THE  INCEN-
TIVES  AND  INITIATIVES  SET FORTH IN SUBDIVISION ONE OF THIS SECTION IF
THE ENTITY IS LOCATED ON LAND OR WITHIN IMPROVEMENTS OWNED BY THE FEDER-
AL GOVERNMENT, THE STATE, A COUNTY, OR A  MUNICIPAL  CORPORATION  UNLESS

S. 7398                             4

THE  BUSINESS  ENTITY  HAS  FIRST  UTILIZED  ALL APPLICABLE PROPERTY TAX
EXEMPTIONS UNDER THE REAL PROPERTY TAX LAW INCLUDING ENTERING  INTO  ANY
AVAILABLE PAYMENT IN LIEU OF TAX AGREEMENT.
  6.  THE  DEPARTMENT AND THE COMPTROLLER JOINTLY SHALL ASSESS EACH YEAR
THE EFFECTIVENESS OF THE TAX CREDITS PROVIDED TO  BUSINESS  ENTITIES  IN
MANUFACTURING DEVELOPMENT ZONES, INCLUDING:
  (A) THE NUMBER AND AMOUNTS OF CREDITS GRANTED EACH YEAR; AND
  (B)  THE  SUCCESS OF THE TAX CREDITS IN ATTRACTING AND RETAINING BUSI-
NESS ENTITIES IN MANUFACTURING DEVELOPMENT ZONES.
  7. ON OR BEFORE DECEMBER FIFTEENTH OF EACH YEAR,  THE  DEPARTMENT  AND
THE COMPTROLLER SHALL SUBMIT TO THE GOVERNOR, THE TEMPORARY PRESIDENT OF
THE  SENATE  AND  THE  SPEAKER OF THE ASSEMBLY, A REPORT OUTLINING THEIR
FINDINGS AND ANY OTHER INFORMATION OF VALUE IN  DETERMINING  THE  EFFEC-
TIVENESS OF THE TAX CREDITS PROVIDED UNDER THIS SECTION.
  S  2.  The  real  property  tax law is amended by adding a new section
423-a to read as follows:
  S 423-A. EXEMPTION FOR BUSINESS ENTITIES PARTICIPATING IN  MANUFACTUR-
ING  DEVELOPMENT ZONE PROGRAM. 1. AS USED IN THIS SECTION, THE FOLLOWING
WORDS SHALL HAVE THE FOLLOWING MEANINGS:
  (A) "BASE YEAR" MEANS THE TAXABLE YEAR IMMEDIATELY BEFORE THE  TAXABLE
YEAR IN WHICH A PROPERTY TAX CREDIT UNDER THIS SECTION IS TO BE GRANTED.
  (B)  "BASE  YEAR VALUE" MEANS THE VALUE OF THE PROPERTY USED TO DETER-
MINE THE ASSESSMENT ON WHICH THE  PROPERTY  TAX  ON  REAL  PROPERTY  WAS
IMPOSED  FOR  THE  BASE YEAR.   BASE YEAR VALUE DOES NOT INCLUDE ANY NEW
REAL PROPERTY THAT WAS FIRST ASSESSED IN THE BASE YEAR.
  (C) "BUSINESS ENTITY" MEANS A PERSON THAT OPERATES OR CONDUCTS A TRADE
OR BUSINESS THAT IS ENGAGED IN MANUFACTURING.
  (D) (I) "ELIGIBLE ASSESSMENT" MEANS THE DIFFERENCE  BETWEEN  THE  BASE
YEAR VALUE AND THE ACTUAL VALUE AS DETERMINED BY THE STATE BOARD FOR THE
APPLICABLE TAXABLE YEAR IN WHICH THE TAX CREDIT UNDER THIS SECTION IS TO
BE GRANTED.
  (II)  FOR A BUSINESS ENTITY THAT IS LOCATED ON LAND OR WITHIN IMPROVE-
MENTS OWNED BY THE FEDERAL,  STATE,  COUNTY,  OR  MUNICIPAL  GOVERNMENT,
"ELIGIBLE  ASSESSMENT"  MEANS THE DIFFERENCE BETWEEN THE BASE YEAR VALUE
AND THE ACTUAL VALUE REDUCED BY THE VALUE OF ANY PROPERTY ENTITLED TO AN
EXEMPTION UNDER THIS CHAPTER AS DETERMINED BY THE STATE  BOARD  FOR  THE
APPLICABLE TAXABLE YEAR IN WHICH THE TAX CREDIT UNDER THIS SECTION IS TO
BE GRANTED.
  (E)  "QUALIFIED PROPERTY" MEANS REAL PROPERTY THAT IS (I) NOT USED FOR
RESIDENTIAL PURPOSES; (II) USED IN A MANUFACTURING TRADE OR BUSINESS  BY
A BUSINESS ENTITY; AND
  (III)  LOCATED  IN A MANUFACTURING DEVELOPMENT ZONE THAT IS DESIGNATED
UNDER ARTICLE TWENTY-THREE OF THE ECONOMIC DEVELOPMENT LAW.
  2. THE GOVERNING BODY OF A COUNTY OR OF A MUNICIPAL CORPORATION  SHALL
GRANT  A  TAX CREDIT UNDER THIS SECTION AGAINST THE PROPERTY TAX IMPOSED
ON THE ELIGIBLE ASSESSMENT OF A QUALIFIED PROPERTY.
  3. (A) THE APPROPRIATE GOVERNING BODY SHALL CALCULATE  THE  AMOUNT  OF
THE CREDIT UNDER THIS SECTION EQUAL TO ONE HUNDRED PERCENT OF THE AMOUNT
OF PROPERTY TAX IMPOSED ON THE ELIGIBLE ASSESSMENT.
  (B) FOR PURPOSES OF CALCULATING THE AMOUNT OF THE CREDIT ALLOWED UNDER
THIS SECTION, THE AMOUNT OF PROPERTY TAX IMPOSED ON THE ELIGIBLE ASSESS-
MENT SHALL BE CALCULATED WITHOUT REDUCTION FOR ANY CREDITS ALLOWED UNDER
THIS CHAPTER.
  4.  (A)  A  TAX  CREDIT UNDER THIS SECTION IS AVAILABLE TO A QUALIFIED
PROPERTY FOR NO MORE THAN TEN CONSECUTIVE YEARS BEGINNING WITH THE TAXA-

S. 7398                             5

BLE YEAR FOLLOWING THE CALENDAR YEAR IN WHICH THE REAL PROPERTY INITIAL-
LY BECOMES A QUALIFIED PROPERTY.
  (B)  IF  THE  DESIGNATION OF A MANUFACTURING DEVELOPMENT ZONE EXPIRES,
THE TAX CREDIT UNDER THIS SECTION CONTINUES TO BE AVAILABLE TO A  QUALI-
FIED PROPERTY.
  (C)  STATE  PROPERTY  TAX  IMPOSED ON REAL PROPERTY IS NOT AFFECTED BY
THIS SECTION.
  5. WHEN A MANUFACTURING DEVELOPMENT ZONE IS DESIGNATED BY THE  COMMIS-
SIONER  OF  ECONOMIC DEVELOPMENT, SUCH COMMISSIONER SHALL CERTIFY TO THE
STATE BOARD:
  (A) THE REAL PROPERTIES IN THE ZONE THAT ARE QUALIFIED PROPERTIES  FOR
EACH  TAXABLE  YEAR FOR WHICH THE PROPERTY TAX CREDIT UNDER THIS SECTION
IS TO BE GRANTED; AND
  (B) THE DATE THAT THE REAL PROPERTIES BECAME QUALIFIED PROPERTIES.
  6. BEFORE PROPERTY TAX BILLS ARE SENT, THE STATE BOARD SHALL SUBMIT TO
THE COMMISSIONER OF ECONOMIC DEVELOPMENT A LIST CONTAINING:
  (A) THE LOCATION OF EACH QUALIFIED PROPERTY;
  (B) THE AMOUNT OF THE BASE YEAR VALUE FOR EACH QUALIFIED PROPERTY; AND
  (C) THE AMOUNT OF THE ELIGIBLE ASSESSMENT FOR EACH QUALIFIED PROPERTY.
  S 3. Section 606 of the tax law is amended by adding a new  subsection
(ccc) to read as follows:
  (CCC)  MANUFACTURING  DEVELOPMENT ZONE PROGRAM TAX CREDIT. (1) A BUSI-
NESS ENTITY THAT IS LOCATED IN  A  MANUFACTURING  DEVELOPMENT  ZONE  AND
SATISFIES  THE  REQUIREMENTS  OF SECTION FOUR HUNDRED FIFTY-THREE OF THE
ECONOMIC DEVELOPMENT LAW MAY CLAIM A CREDIT AGAINST THE STATE INCOME TAX
IN THE AMOUNT OF THE STATE INCOME TAX IMPOSED ON QUALIFIED INCOME.
  (2) A BUSINESS ENTITY SHALL MEAN AN ENTITY THAT IS ENGAGED IN MANUFAC-
TURING TRADE OR BUSINESS, OPERATES A MANUFACTURING FACILITY IN  A  MANU-
FACTURING  DEVELOPMENT ZONE AS DESIGNATED BY ARTICLE TWENTY-THREE OF THE
ECONOMIC DEVELOPMENT LAW AND IS ELIGIBLE FOR  THE  PROPERTY  TAX  CREDIT
UNDER  SECTION FOUR HUNDRED TWENTY-THREE-A OF THE REAL PROPERTY TAX LAW.
QUALIFIED INCOME MEANS INCOME ATTRIBUTABLE TO ACTIVITIES AT  A  MANUFAC-
TURING FACILITY LOCATED IN A MANUFACTURING DEVELOPMENT ZONE.
  (3)  THE  CREDIT  ALLOWED UNDER THIS SUBSECTION MAY NOT BE CLAIMED FOR
MORE THAN TEN CONSECUTIVE YEARS BEGINNING WITH THE TAXABLE YEAR  FOLLOW-
ING  THE CALENDAR YEAR IN WHICH THE BUSINESS ENTITY BECOMES ELIGIBLE FOR
THE PROPERTY TAX CREDIT UNDER SECTION FOUR HUNDRED TWENTY-THREE-A OF THE
REAL PROPERTY TAX LAW.
  S 4. This act shall take effect immediately.

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