[Adopted 3-21-1977 by L.L. No. 1-1977]
An exemption from taxation and special ad valorem
levies is hereby granted to "eligible business facilities," as defined
in § 115 of the Commerce Law[1] of the State of New York and in this article, located within the Town of Tonawanda, from taxes and special ad valorem levies imposed for Town purposes to the extent authorized in § 189-2 hereof.
[1]
Editor's Note: Former § 115 of the
Commerce Law (now the Economic Development Law) was repealed by L.
1983, c. 15, § 57, effective 4-1-1983.
An "eligible business facility," as defined
by the New York State Job Incentive Board, pursuant to §§ 115
and 120 of the Commerce Law of the State of New York,[1] shall be exempt from taxes and special ad valorem levies
imposed for Town purposes to the extent of any increase in value of
such facility which is attributable to expenditures certified by the
New York State Job Incentive Board to have been paid or incurred by
the owner or operator for capital improvements commenced on or after
July 24, 1976, consisting of the construction, reconstruction, erection
or improvement of depreciable real property included in such facility.
The percent of the increase in value of any eligible business facility
which is certified by the New York State Job Incentive Board to qualify
for this exemption which shall be exempt from taxes and special ad
valorem levies imposed for Town purposes shall be 100% in each of
the first five years of a business facility's eligibility. Thereafter,
the percent of such increase in value which shall be exempt shall
be 90% in the sixth year of eligibility, 80% in the seventh year of
eligibility, 60% in the eighth year of eligibility, 40% in the ninth
year of eligibility and 20% in the 10th year of eligibility. Such
exemption as determined above for each eligible business facility
shall be granted yearly, for a maximum duration of 10 years. Such
exemption shall only be granted if the certificate of eligibility
with respect to such business facility is not revoked or modified
and is renewed or extended by the New York State Job Incentive Board
as provided in § 120 of the Commerce Law of the State of
New York.[2]
If a business facility receives an exemption
in any tax year under this article, it shall not be eligible for any
other exemption for that capital improvement in that tax year. No
business facility shall be granted a tax exemption under this article,
§ 485[1] or § 485-b of the Real Property Tax Law of the
State of New York or Article 4-A of the Commerce Law of the State
of New York,[2] or any combination thereof, for more than 10 consecutive
tax years.
