A11214 — Relates to reforming the industrial development authority program and adding a tax clearance process

Summary

Relates to reforming the industrial development authority program, authorizing the commissioner of taxation and finance to audit IDA projects and IDA agents and project operators with regard to the requirements and restrictions, requiring IDAs to post certain information on their websites, and requiring IDA members to comply with certain provisions of the public officers law; adds a tax clearance process.

Bill Text

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Compared against the New York Consolidated Laws as published AI-generated reading aid — verify against the official bill.

This bill amends 1 section(s) of the New York Consolidated Laws: Section 875 of the general municipal law.

• Section 875 of the general municipal law

  sales and compensating use "state . . . sales and use sales and use sales and use sales and use exemptions sales and use exemptions sales and use sales and use article twenty-eight of sales and use sales and use sales and use exemptions sales and use also the internet it → (a) "State ; (b) "State taxes" means any or all of the following: state sales and use taxes, any mortgage recording tax imposed under section two hundred fifty-three of the tax law, any state real estate transfer tax imposed by article thirty-one of the tax law; (c) ; (d) ; (e) "ABO" means the authorities budget office established by section four of the public authorities law; and (f) "PACB" means the public authorities control board established by article one-A of the public authorities law and any other state tax exemption bene- fits italics any any any tax exemption any tax exemption , as to state sales and use taxes, any tax any any tax exemption , mortgage recording tax, or real estate transfer tax, as the case may be, , or as mortgage recording tax imposed under section two hundred fifty-three of the tax law or real estate transfer tax imposed under article thirty-one of the tax law, as the case may be in respect of sales or use taxes In addition, the commission- er is hereby authorized to audit IDA projects and IDA agents and project operators with regard to the requirements and restrictions of this title and title eleven or fifteen of article eight of the public authorities law to ensure that job targets, investment targets, construction, and expenditures described in subdivision five-a of this section, and any exemptions from any state taxes or from local sales and compensating use taxes administered by the commissioner comply with the details of the project and the application as approved by the IDA. In addition, the department of economic development, the ABO, the PACB, or another person or entity may report to the commissioner that an agent or project opera- tor has not met any such targets or goals or otherwise complied with any such provisions. If the commissioner finds that any such job targets, investment targets, construction, expenditures, or tax exemption provisions or other conditions or provisions have not been met or complied with, the commissioner shall determine the amount of any exemption from state taxes that the agent or project operator claimed and such agent or project operator shall pay such amounts as tax. If the commissioner finds that the agent or project operator has partially met such targets, goals, or conditions, the commissioner may determine the degree of compliance to determine the amount of such tax exemptions claimed that the agent or project operator must pay as tax. In making such compliance determination, the commissioner may consider the number of years or other period of time in which such agent or project operator met the targets, goals, or conditions, as compared to the total years or other period of time of the project, the percentage of compliance with regard to the number of jobs created as compared to the job targets, the severity of failure to comply with tax exemption limitations based on the number of dollars by which the agent or project operator exceeded the allowed amount of tax exemptions approved, and such other factors as the commissioner deems reasonable and pertinent. The commissioner shall be authorized to assess or otherwise bill the agent or project operator for any such amounts that the commissioner determined the agent or project operator must pay as tax, in the manner that the commissioner would assess or bill for the tax from which such exemptions were claimed. any maintain a public internet website and such website In addition, every IDA shall post on such website the following information and shall timely update all such information so that it remains current and accurate within thirty days of any change: (a) the name and title of each member and officer of the IDA; (b) public notice of every meeting to be held by the IDA, as required by subdivision five-c of this section; (c) the agenda of every such meeting to be held, at least ten days prior to the commencement of the meeting; (d) minutes of every meeting the IDA holds, together with the details of eve

  amended

Action History

1. May 01, 2026

   REFERRED TO LOCAL GOVERNMENTS

Sponsors

• Anna Kelles · Primary

Subjects