Provides that certain tax credits shall not apply if the certificate of remediation required to qualify for such credits is issued after December 31, 2015.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A10593
SPONSOR: Rules (Sweeney) TITLE OF BILL: An act to amend part H of chapter 1 of the laws of
2003, amending the tax law relating to brownfield redevelopment tax
credits, remediated brownfield credit for real property taxes for quali-
fied sites and environmental remediation insurance credits, in relation
to extending certain provisions thereof
PURPOSE OR GENERAL IDEA OF BILL:
To extend certain tax credits for brownfield redevelopment.
SUMMARY OF SPECIFIC PROVISIONS:
This bill would extend, until December 31, 2015, the eligibility time-
frame for brownfield tax credits.
EFFECTS OF PRESENT LAW WHICH THIS BILL WOULD ALTER:
This bill would amend § 31 of Part H of Chapter 1 of the Laws of 2003.
JUSTIFICATION:
In 2003, the Legislature authorized tax credits as part of the Brown-
field Cleanup Program. The authority for those credits is set to expire
on March 31, 2015. This legislation will delay the sunset of those tax
credits until December 31, 2015.
PRIOR LEGISLATIVE HISTORY: This is new legislation.
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS: To be deter-
mined.
EFFECTIVE DATE: This act shall take effect immediately.
STATE OF NEW YORK
________________________________________________________________________
10593
IN ASSEMBLY
June 7, 2012
___________
Introduced by COMMITTEE ON RULES -- (at request of M. of A. Sweeney) --
read once and referred to the Committee on Ways and Means
AN ACT to amend part H of chapter 1 of the laws of 2003, amending the
tax law relating to brownfield redevelopment tax credits, remediated
brownfield credit for real property taxes for qualified sites and
environmental remediation insurance credits, in relation to extending
certain provisions thereof
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 31 of part H of chapter 1 of the laws of 2003,
2 amending the tax law relating to brownfield redevelopment tax credits,
3 remediated brownfield credit for real property taxes for qualified sites
4 and environmental remediation insurance credits, is amended to read as
5 follows:
6 § 31. The tax credits allowed under section 21, 22 or 23 of the tax
7 law and the corresponding provisions in articles 9, 9-A, 22, 32 and 33
8 of the tax law, as added by the provisions of sections one through twen-
9 ty-nine of this act, shall not be applicable if the remediation certif-
10 icate required to qualify for any of such credits is issued after
11 [March] December 31, 2015.
12 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD16131-01-2
