Bill Title: Eliminates the $100,000 limit on certain types of investments in empire zone businesses, which may be taken as credits against the franchise tax on business corporations and personal income taxes; authorizes the owners of empire zone businesses to receive franchise tax on business corporations or personal income tax credits for qualified investments made in such businesses; grants a personal income tax credit for lease payments on and improvements made to a certified empire zone business; requires that prior to the designation of an empire zone capital corporation, a separate and distinct zone capital corporation fund must be established for the receipt and disbursement of the funds of the corporation; authorizes empire zone capital corporations to be created as limited liability companies; establishes real property tax relief program in cities and counties; creates tax relief program to provide state grants to municipalities which reduce spending; establishes a statewide municipal cooperation program to provide opportunities for sharing of municipal obligations and responsibilities.

Spectrum: Moderate Partisan Bill (Republican 5-1)

Status: (Introduced - Dead) 2012-01-04 - referred to real property taxation [A02050 Detail]

Text: Latest bill text (Introduced) [HTML]

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