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A.%2050 Summary:

BILL NOA02050
 
SAME ASNo same as
 
SPONSORTedisco (MS)
 
COSPNSR
 
MLTSPNSRButler, Crouch, Fitzpatrick, Hawley, Thiele
 
Add SS425-b & 425-c, RPT L; amd SS210 & 606, Tax L; amd S964, add S958-a, Art 2-A S25, Gen Muni L
 
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.
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