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


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.

LOADING PDF: If there are any problems, click here to download the file.

Published In: Environmental Updates, Zoning, Planning & Land Use Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Green & Seifter, Attorneys, PLLC | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »