Bill Text: NY A09954 | 2019-2020 | General Assembly | Introduced
Bill Title: Defines community significant projects as a business creating or retaining current jobs as determined by the commissioner, with particular emphasis on employment and/or training of current public housing residents, currently located or to be located in existing leased space of a building in a public housing development in the state and which makes significant qualified capital investments to start a business, or improve services and working conditions for an existing business, when located in such public housing space and including such projects in the excelsior jobs program.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2020-03-03 - referred to economic development [A09954 Detail]
Download: New_York-2019-A09954-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 9954 IN ASSEMBLY March 3, 2020 ___________ Introduced by M. of A. JOYNER, CYMBROWITZ -- 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: 1 Section 1. Subdivisions 17 and 20-a of section 352 of the economic 2 development law, subdivision 17 as amended by section 1 of part K and 3 subdivision 20-a as added by section 1 of part ZZ of chapter 59 of the 4 laws of 2017, are amended and a new subdivision 18-a is added to read as 5 follows: 6 17. "Qualified investment" means an investment in tangible property 7 (including a building or a structural component of a building) owned by 8 a business enterprise which: 9 (a) is depreciable pursuant to section one hundred sixty-seven of the 10 internal revenue code; 11 (b) has a useful life of four years or more; 12 (c) is acquired by purchase as defined in section one hundred seven- 13 ty-nine (d) of the internal revenue code; 14 (d) has a situs in this state; [and] 15 (e) is placed in service in the state on or after the date the certif- 16 icate of eligibility is issued to the business enterprise; and 17 (f) demolition and remediation of costs incurred and paid in the 18 leased building by the business enterprise in a public housing develop- 19 ment in the state, as determined by the commissioner. 20 18-a. "Community significant project" means (a) a business creating or 21 retaining current jobs as determined by the commissioner, with partic- 22 ular emphasis on employment and/or training of current public housing 23 residents; (b) currently located or to be located in existing leased 24 space of a building in a public housing development in the state that is 25 owned and operated by a public housing authority created under article 26 thirteen of the public housing law; (c) which makes significant quali- 27 fied capital investments to start a business, or improve services and EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD15041-03-0A. 9954 2 1 working conditions for an existing business, when located in such public 2 housing space; and (d) creates at least five new net jobs or retaining 3 current jobs or makes qualified capital investments to such space of a 4 building. The commissioner shall promulgate regulations pursuant to 5 section three hundred fifty-six of this article to determine what addi- 6 tional criteria a business must meet to be eligible as a community 7 significant project, including, but not limited to, incentivizing child 8 care providers and other businesses that support the needs of the work- 9 force residing in such public housing and the social and health needs of 10 residents in such public housing, ensuring that residents are not 11 displaced and ensuring that services or programs being offered to public 12 housing residents by either a public housing authority or an entity 13 already onsite, are not displaced in order to locate or expand a busi- 14 ness in a public housing development. 15 20-a. "Significant capital investment" means a project which will be 16 either a newly constructed facility or a newly constructed addition to, 17 expansion of or improvement of a facility, consisting of tangible 18 personal property and other tangible property, including buildings and 19 structural components of buildings, that are depreciable pursuant to 20 section one hundred sixty-seven of the internal revenue code, have a 21 useful life of four years or more, are acquired by purchase as defined 22 in section one hundred seventy-nine (d) of the internal revenue code, 23 and that is equal to or exceeds (a) one million dollars for a manufac- 24 turer; (b) two hundred fifty thousand dollars for an agriculture busi- 25 ness; (c) three million dollars for a financial services firm or back 26 office operation; (d) fifteen million dollars for a distribution center; 27 (e) three million dollars for a scientific research and development 28 firm; [or] (f) three million dollars for other businesses; or (g) one 29 million dollars for a significant project. 30 § 2. Subdivisions 1, 3 and 4 of section 353 of the economic develop- 31 ment law, subdivision 1 as amended by section 2 of part K, subdivision 3 32 as separately amended by section 2 of part K and section 2 of part ZZ 33 and subdivision 4 as separately amended by section 3 of part K and 34 section 2 of part ZZ of chapter 59 of the laws of 2017, are amended to 35 read as follows: 36 1. To be a participant in the excelsior jobs program, a business enti- 37 ty shall operate in New York state predominantly: 38 (a) as a financial services data center or a financial services back 39 office operation; 40 (b) in manufacturing; 41 (c) in software development and new media; 42 (d) in scientific research and development; 43 (e) in agriculture; 44 (f) in the creation or expansion of back office operations in the 45 state; 46 (g) in a distribution center; 47 (h) in an industry with significant potential for private-sector 48 economic growth and development in this state as established by the 49 commissioner in regulations promulgated pursuant to this article. In 50 promulgating such regulations the commissioner shall include job and 51 investment criteria; 52 (i) as an entertainment company; 53 (j) in music production; [or] 54 (k) as a life sciences company; or 55 (l) as a community significant project.A. 9954 3 1 3. For the purposes of this article, in order to participate in the 2 excelsior jobs program, a business entity operating predominantly in 3 manufacturing must create at least five net new jobs; a business entity 4 operating predominately in agriculture must create at least five net new 5 jobs; a business entity operating predominantly as a financial service 6 data center or financial services customer back office operation must 7 create at least twenty-five net new jobs; a business entity operating 8 predominantly in scientific research and development must create at 9 least five net new jobs; a business entity operating predominantly in 10 software development must create at least five net new jobs; a business 11 entity creating or expanding back office operations must create at least 12 twenty-five net new jobs; a business entity operating predominately in 13 music production must create at least five net new jobs; a business 14 entity operating predominantly as an entertainment company must create 15 or obtain at least one hundred net new jobs; [or] a business entity 16 operating predominantly as a distribution center in the state must 17 create at least fifty net new jobs, notwithstanding subdivision five of 18 this section; [or] a business entity operating predominately as a life 19 sciences company must create at least five net new jobs; [or] a business 20 entity must be a regionally significant project as defined in this arti- 21 cle; or a community significant project as defined in this article; or 22 4. A business entity operating predominantly in one of the industries 23 referenced in paragraphs (a) through (h) or in paragraph (k) or (l) of 24 subdivision one of this section but which does not meet the job require- 25 ments of subdivision three of this section must have at least twenty- 26 five full-time job equivalents unless such business is a business entity 27 operating predominantly in manufacturing then it must have at least five 28 full-time job equivalents and must demonstrate that its benefit-cost 29 ratio is at least ten to one. 30 § 3. Subdivision 2 and paragraph (a) of subdivision 4 of section 355 31 of the economic development law, as amended by section 4 of part G of 32 chapter 61 of the laws of 2011, are amended to read as follows: 33 2. Excelsior investment tax credit component. A participant in the 34 excelsior jobs program shall be eligible to claim a credit on qualified 35 investments. The credit shall be equal to two percent of the cost or 36 other basis for federal income tax purposes of the qualified investment. 37 A participant may not claim both the excelsior investment tax credit 38 component and the investment tax credit set forth in subdivision 39 [twelve] one of section two hundred [ten] ten-b, subsection (a) of 40 section six hundred six, the former subsection (i) of section fourteen 41 hundred fifty-six, or subdivision (q) of section fifteen hundred eleven 42 of the tax law for the same property in any taxable year, except that a 43 participant may claim both the excelsior investment tax credit component 44 and the investment tax credit for research and development property. In 45 addition, a taxpayer who or which is qualified to claim the excelsior 46 investment tax credit component and is also qualified to claim the 47 brownfield tangible property credit component under section twenty-one 48 of the tax law may claim either the excelsior investment tax credit 49 component or such tangible property credit component, but not both with 50 regard to a particular piece of property. A credit may not be claimed 51 until a business enterprise has received a certificate of tax credit, 52 provided that qualified investments made on or after the issuance of the 53 certificate of eligibility but before the issuance of the certificate of 54 tax credit to the business enterprise, may be claimed in the first taxa- 55 ble year for which the business enterprise is allowed to claim the cred- 56 it. Expenses incurred prior to the date the certificate of eligibilityA. 9954 4 1 is issued are not eligible to be included in the calculation of the 2 credit. 3 (a) A participant in the excelsior jobs program who either qualified 4 as a regionally significant project, a community significant project or 5 is located in an investment zone shall be eligible to claim a credit for 6 a period of ten years. For the purposes of this subdivision, the lease 7 payment paid by the business enterprise pursuant to a public housing 8 development in this state shall be eligible real property tax for 9 purposes of this subdivision. 10 § 4. This act shall take effect immediately and shall apply to taxable 11 years beginning on and after January 1, 2021.
