Governor’s Proposed 50% Deferral of Empire Zone Tax Credits

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Earlier this week the Governor released a “fact sheet” for a proposal to generate $620M in “additional savings actions” (gap fillers) designed to supplement the Governor’s Executive Budget. One of the proposed “gap fillers” would defer 50% of business-related tax credits for three tax years, 2010, 2011, and 2012. The proposal would affect credits that “would otherwise be used or refunded” in those years, which would include credits earned in prior years and carried forward into tax years 2010-2012, as well as credits generated (earned) in those tax years. In all, thirty-three tax credits would be subject to this provision. It is important to note that this is a proposed bill and has not been acted upon by the legislature.

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