Terms Used In N.Y. General City Law 25-EE

• Aggregate employment shares: means the sum of all employment shares maintained by an eligible business or special eligible business in a taxable year. See N.Y. General City Law 25-DD
• Contract: A legal written agreement that becomes binding when signed.
• Eligible aggregate employment shares: means (1) in the case of an eligible business, the amount, if any, of aggregate employment shares maintained by an eligible business in eligible premises in the eligible Lower Manhattan area in the taxable year in which such eligible business claims a credit pursuant to a local law enacted in accordance with section twenty-five-ee of this article. See N.Y. General City Law 25-DD
• Eligible business: means any person subject to a tax imposed under a local law enacted pursuant to part two or three of section one, or section two, of chapter seven hundred seventy-two of the laws of nineteen hundred sixty-six or a gross receipts tax imposed under a local law enacted pursuant to subdivision (a) of § 1201 of the tax law, that: (1) has been conducting substantial business operations at one or more business locations outside the city of New York for the twenty-four consecutive months immediately preceding the taxable year during which such eligible business relocates as defined in subdivision (j) of this section but has not maintained employment shares at premises in the city of New York at any time during the period beginning January first, two thousand two and ending on the date it enters into a lease or a contract to purchase the premises that will qualify as eligible premises pursuant to this article; and (2) on or after July first, two thousand three relocates as defined in subdivision (j) of this section all or part of such business operations. See N.Y. General City Law 25-DD
• Eligible premises: means : (1) nonresidential premises which are wholly contained in real property which is certified as eligible to receive benefits pursuant to a local law enacted in accordance with title two-C or title two-D of Article 4 of the real property tax law, provided that such premises have been improved by construction or renovation, that expenditures have been made after June thirtieth, two thousand three, or in the case of a relocation by a special eligible business, after June thirtieth, two thousand five, for improvements to such real property in excess of fifty per centum or, in the case of industrial property, in excess of twenty-five per centum, of the value at which such real property was assessed for tax purposes for the tax year in which such improvements commenced and such expenditures have been made within thirty-six months or, in the case of expenditures for such improvements to such real property in excess of fifty million dollars within seventy-two months from such commencement and, provided further, that such real property is located in the eligible Lower Manhattan area, and provided further, that in the case of a special eligible business, a lease or contract to purchase such premises is first entered into by the special eligible business after June thirtieth, two thousand five;
  
  (2) nonresidential premises which are: (i) wholly contained in or situated on real property which has been leased from an industrial development agency established pursuant to Article 18-A of the general municipal law, provided that such premises were constructed or renovated subsequent to the approval of such construction or renovation by such agency, or (ii) wholly contained in or situated on real property owned by a city having a population of one million or more, a lease for which was approved in accordance with the applicable provisions of the charter of such city, provided that such premises were constructed or renovated subsequent to such approval, or (iii) wholly contained in or situated on real property which has been leased from the port authority of the state of New York and New Jersey or the New York state urban development corporation, or a subsidiary thereof, provided that such premises were constructed or renovated subsequent to the execution of such lease, or (iv) wholly contained in property which would be eligible to receive benefits pursuant to a local law enacted in accordance with title two-D of Article 4 of the real property tax law except that such property is exempt from real property taxation; provided that expenditures have been made after June thirtieth, two thousand three, or in the case of a relocation by a special eligible business, after June thirtieth, two thousand five, for improvements to such real property in excess of fifty per centum or, in the case of industrial property, in excess of twenty-five per centum, of the value at which such real property was assessed for tax purposes for the tax year in which such improvements commenced and such expenditures have been made within thirty-six months or, in the case of expenditures for such improvements to such real property in excess of fifty million dollars within seventy-two months from the date of such commencement, and provided further that such real property is located in the eligible Lower Manhattan area, and provided further, that in the case of a special eligible business, a lease or contract to purchase such premises is first entered into by the special eligible business after June thirtieth, two thousand five; or
  
  (3) in the case of an eligible business, nonresidential premises which are located in the eligible Lower Manhattan area, for which a lease or a contract to purchase is first entered into by an eligible business on or after July first, two thousand three and for which a minimum expenditure has been made on or after such date, for improvements in excess of twenty-five dollars per square foot, or in the case of a special eligible business, non-residential premises that are located in the eligible Lower Manhattan area for which a lease or a contract to purchase is first entered into by the eligible business after June thirtieth, two thousand five, and for which a minimum expenditure has been made after such date for improvements in excess of twenty-five dollars per square foot, provided, however, that, in either case, if such premises are leased, such lease shall have a term that does not expire until at least three years after the later of the date of relocation and the lease commencement date. See N.Y. General City Law 25-DD
• Hotel services: means any services which consist predominately of the lodging of guests at a building or a portion thereof which is regularly used and kept open for such services. See N.Y. General City Law 25-DD
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• New York city base shares: means the number of aggregate employment shares maintained by the special eligible business in the city of New York in the year prior to the year of relocation. See N.Y. General City Law 25-DD
• Relocated Employee: means an employee of a special eligible business who (1) has worked at a qualifying business location of the eligible business outside of the city of New York continuously, full-time or part-time, for the ten work weeks prior to the date of relocation and continuously from the date of relocation until the date of transfer to eligible premises, (2) is transferred to eligible premises, and (3) continues to work for the eligible business at the eligible premises for at least ten full work weeks after the date of transfer. See N.Y. General City Law 25-DD
• Retail activity: means any activity which consists predominately of the sale, other than through the mail, or by the telephone or by means of the internet, of tangible personal property to any person, for any purpose unrelated to the trade or business of such person, or which consists predominately of the selling of services to individuals which generally involve the physical, mental and/or spiritual care of such individuals, or the physical care of the personal property of any person unrelated to the trade or business of such person, or which consists predominately of the provision of retail banking services. See N.Y. General City Law 25-DD
• Special eligible business: means any person subject to a tax imposed under a local law enacted pursuant to part two or three of section one, or section two, of chapter seven hundred seventy-two of the laws of nineteen hundred sixty-six or a gross receipts tax imposed under a local law enacted pursuant to subdivision (a) of § 1201 of the tax law, that: (1) has been conducting substantial business operations at one or more business locations outside the city of New York for the twenty-four consecutive months immediately preceding the taxable year during which such eligible business relocates as defined in subdivision (m) of this section, (2) maintained employment shares at premises in Manhattan in the city of New York at some time during the period beginning January first, two thousand two, and ending on the date it enters into a lease or a contract to purchase the premises that will qualify as eligible premises pursuant to this section, and (3) on or after June thirtieth, two thousand five, relocates as defined in subdivision (m) of this section all or part of such business operations. See N.Y. General City Law 25-DD