S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1361
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 17, 2023
                                ___________
 
 Introduced by M. of A. JOYNER -- read once and referred to the Committee
   on Economic Development
 
 AN  ACT  to  amend the economic development law, in relation to defining
   community significant projects and  including  such  projects  in  the
   excelsior jobs program
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivisions 17 and 20-a of section  352  of  the  economic
 development  law,  subdivision  17 as amended by section 1 of part K and
 subdivision 20-a as added by section 1 of part ZZ of chapter  59 of  the
 laws of 2017, are amended and a new subdivision 18-a is added to read as
 follows:
   17.  "Qualified  investment"  means an investment in tangible property
 (including a building or a structural component of a building) owned  by
 a business enterprise which:
   (a)  is depreciable pursuant to section one hundred sixty-seven of the
 internal revenue code;
   (b) has a useful life of four years or more;
   (c) is acquired by purchase as defined in section one  hundred  seven-
 ty-nine (d) of the internal revenue code;
   (d) has a situs in this state; [and]
   (e) is placed in service in the state on or after the date the certif-
 icate of eligibility is issued to the business enterprise; AND
   (F)  DEMOLITION  AND  REMEDIATION  OF  COSTS  INCURRED AND PAID IN THE
 LEASED BUILDING BY THE BUSINESS ENTERPRISE IN A PUBLIC HOUSING  DEVELOP-
 MENT IN THE STATE, AS DETERMINED BY THE COMMISSIONER.
   18-A. "COMMUNITY SIGNIFICANT PROJECT" MEANS (A) A BUSINESS CREATING OR
 RETAINING  CURRENT  JOBS AS DETERMINED BY THE COMMISSIONER, WITH PARTIC-
 ULAR EMPHASIS ON EMPLOYMENT AND/OR TRAINING OF  CURRENT  PUBLIC  HOUSING
 RESIDENTS;  (B)  CURRENTLY  LOCATED  OR TO BE LOCATED IN EXISTING LEASED
 SPACE OF A BUILDING IN A PUBLIC HOUSING DEVELOPMENT IN THE STATE THAT IS

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00004-01-3
              

 A. 1361                             2
 
 OWNED AND OPERATED BY A PUBLIC HOUSING AUTHORITY CREATED  UNDER  ARTICLE
 THIRTEEN  OF  THE PUBLIC HOUSING LAW; (C) WHICH MAKES SIGNIFICANT QUALI-
 FIED CAPITAL INVESTMENTS TO START A BUSINESS, OR  IMPROVE  SERVICES  AND
 WORKING CONDITIONS FOR AN EXISTING BUSINESS, WHEN LOCATED IN SUCH PUBLIC
 HOUSING  SPACE;  AND (D) CREATES AT LEAST FIVE NEW NET JOBS OR RETAINING
 CURRENT JOBS OR MAKES QUALIFIED CAPITAL INVESTMENTS TO SUCH SPACE  OF  A
 BUILDING.    THE  COMMISSIONER  SHALL PROMULGATE REGULATIONS PURSUANT TO
 SECTION THREE HUNDRED FIFTY-SIX OF THIS ARTICLE TO DETERMINE WHAT  ADDI-
 TIONAL  CRITERIA  A  BUSINESS  MUST  MEET  TO BE ELIGIBLE AS A COMMUNITY
 SIGNIFICANT PROJECT, INCLUDING, BUT NOT LIMITED TO, INCENTIVIZING  CHILD
 CARE  PROVIDERS AND OTHER BUSINESSES THAT SUPPORT THE NEEDS OF THE WORK-
 FORCE RESIDING IN SUCH PUBLIC HOUSING AND THE SOCIAL AND HEALTH NEEDS OF
 RESIDENTS IN SUCH  PUBLIC  HOUSING,  ENSURING  THAT  RESIDENTS  ARE  NOT
 DISPLACED AND ENSURING THAT SERVICES OR PROGRAMS BEING OFFERED TO PUBLIC
 HOUSING  RESIDENTS  BY  EITHER  A  PUBLIC HOUSING AUTHORITY OR AN ENTITY
 ALREADY ONSITE, ARE NOT DISPLACED IN ORDER TO LOCATE OR EXPAND  A  BUSI-
 NESS IN A PUBLIC HOUSING DEVELOPMENT.
   20-a.  "Significant  capital investment" means a project which will be
 either a newly constructed facility or a newly constructed addition  to,
 expansion  of  or  improvement  of  a  facility,  consisting of tangible
 personal property and other tangible property, including  buildings  and
 structural  components  of  buildings,  that are depreciable pursuant to
 section one hundred sixty-seven of the internal  revenue  code,  have  a
 useful  life  of four years or more, are acquired by purchase as defined
 in section one hundred seventy-nine (d) of the  internal  revenue  code,
 and  that  is equal to or exceeds (a) one million dollars for a manufac-
 turer; (b) two hundred fifty thousand dollars for an  agriculture  busi-
 ness;  (c)  three  million dollars for a financial services firm or back
 office operation; (d) fifteen million dollars for a distribution center;
 (e) three million dollars for  a  scientific  research  and  development
 firm;  [or]  (f)  three million dollars for other businesses; OR (G) ONE
 MILLION DOLLARS FOR A SIGNIFICANT PROJECT.
   § 2. Paragraphs (m) and (n) of subdivision 1 and subdivisions 3 and  4
 of  section  353 of the economic development law, paragraphs (m) and (n)
 of subdivision 1 and subdivision 3 as amended by chapter 494 of the laws
 of 2022, and subdivision 4 as separately amended by section 3 of part  K
 and  section 2 of part ZZ of chapter 59 of the laws of 2017, are amended
 and a new paragraph (o) is added to subdivision 1 to read as follows:
   (m) as a participant operating in one  of  the  industries  listed  in
 paragraphs (a) through (k) of this subdivision and operating or sponsor-
 ing  child  care  services  to its employees as defined in section three
 hundred fifty-two of this article; [or]
   (n) as a Green CHIPS project[.]; OR
   (O) AS A COMMUNITY SIGNIFICANT PROJECT.
   3. For the purposes of this article, in order to  participate  in  the
 excelsior  jobs  program,  a  business entity operating predominantly in
 manufacturing must create at least five net new jobs; a business  entity
 operating predominately in agriculture must create at least five net new
 jobs;  a  business entity operating predominantly as a financial service
 data center or financial services customer back  office  operation  must
 create  at  least  twenty-five net new jobs; a business entity operating
 predominantly in scientific research  and  development  must  create  at
 least  five  net  new jobs; a business entity operating predominantly in
 software development must create at least five net new jobs; a  business
 entity creating or expanding back office operations must create at least
 twenty-five  net  new jobs; a business entity operating predominately in
 A. 1361                             3
 
 music production must create at least five  net  new  jobs;  a  business
 entity  operating  predominantly as an entertainment company must create
 or obtain at least one hundred net new  jobs;  [or]  a  business  entity
 operating  predominantly  as  a  distribution  center  in the state must
 create at least fifty net new jobs, notwithstanding subdivision five  of
 this  section;  or  a  business entity operating predominately as a life
 sciences company must create at least five net new jobs; [or] a business
 entity must be a regionally significant project or Green  CHIPS  project
 as  defined  in  this  article;  or  A  COMMUNITY SIGNIFICANT PROJECT AS
 DEFINED IN THIS ARTICLE; OR
   4. A business entity operating predominantly in one of the  industries
 referenced  in  paragraphs (a) through (h) or in paragraph (k) OR (O) of
 subdivision one of this section but which does not meet the job require-
 ments of subdivision three of this section must have  at  least  twenty-
 five full-time job equivalents unless such business is a business entity
 operating predominantly in manufacturing then it must have at least five
 full-time  job  equivalents  and  must demonstrate that its benefit-cost
 ratio is at least ten to one.
   § 3. Paragraph (a) of subdivision 4 of section  355  of  the  economic
 development  law, as amended by section 4 of part G of chapter 61 of the
 laws of 2011, is amended to read as follows:
   (a) A participant in the excelsior jobs program who  either  qualified
 as  a regionally significant project, A COMMUNITY SIGNIFICANT PROJECT or
 is located in an investment zone shall be eligible to claim a credit for
 a period of ten years.  FOR THE PURPOSES OF THIS SUBDIVISION, THE  LEASE
 PAYMENT  PAID  BY  THE  BUSINESS ENTERPRISE PURSUANT TO A PUBLIC HOUSING
 DEVELOPMENT IN THIS STATE  SHALL  BE  ELIGIBLE  REAL  PROPERTY  TAX  FOR
 PURPOSES OF THIS SUBDIVISION.
   § 4. This act shall take effect immediately and shall apply to taxable
 years beginning on and after January 1, 2024.