Assembly Bill A5683

2013-2014 Legislative Session

Provides an asbestos remediation tax credit

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2013-A5683 (ACTIVE) - Details

See Senate Version of this Bill:
S3764
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §§23-a & 187-s, amd §§210 & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: A3240
2017-2018: A2268
2019-2020: A7026
2021-2022: A4862
2023-2024: A2848

2013-A5683 (ACTIVE) - Summary

Provides an asbestos remediation tax credit in Erie county; allows for a fifty percent credit of all eligible costs which are incurred as a result of asbestos remediation, not to exceed $1,000,000.

2013-A5683 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5683

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                              March 5, 2013
                               ___________

Introduced  by  M. of A. PEOPLES-STOKES -- read once and referred to the
  Committee on Ways and Means

AN ACT to amend the tax law, in relation to providing an asbestos  reme-
  diation tax credit

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The tax law is amended by adding a new section 23-a to read
as follows:
  S 23-A. ASBESTOS REMEDIATION CREDIT. (A) DEFINITIONS. AS USED IN  THIS
SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
  (1)  QUALIFIED  STRUCTURE. "QUALIFIED STRUCTURE" SHALL MEAN A BUILDING
(I) PRINCIPALLY  USED  BY  THE  TAXPAYER  FOR  RESIDENTIAL,  INDUSTRIAL,
COMMERCIAL,  RECREATIONAL  OR  ENVIRONMENTAL CONSERVATION PURPOSES, (II)
WHICH WAS ORIGINALLY PLACED IN SERVICE AT LEAST TWENTY-FIVE YEARS  PRIOR
TO THE TAXABLE YEAR IN WHICH THE CREDIT IS CLAIMED, AND (III) THAT IS AT
LEAST PARTIALLY SITUATED WITHIN ERIE COUNTY.
  (2)  ELIGIBLE  COSTS. "ELIGIBLE COSTS" SHALL MEAN ALL AMOUNTS PROPERLY
CHARGEABLE TO A CAPITAL ACCOUNT, WHICH ARE INCURRED IN DIRECT CONNECTION
TO ASBESTOS REMEDIATION OF A QUALIFIED ASBESTOS PROJECT.
  (3) QUALIFIED ASBESTOS PROJECT. "QUALIFIED ASBESTOS PROJECT" SHALL  BE
AN  ASBESTOS PROJECT AS DEFINED IN SECTION NINE HUNDRED ONE OF THE LABOR
LAW AND UNDERTAKEN BY  THE  TAXPAYER,  ON  A  QUALIFIED  STRUCTURE,  AND
COMPLETED  PURSUANT  TO  THE APPLICABLE REGULATIONS AT PART FIFTY-SIX OF
TITLE TWELVE OF THE OFFICIAL COMPILATION OF RULES AND REGULATIONS OF THE
STATE.
  (B) ASBESTOS REMEDIATION CREDIT. (1) ALLOWANCE OF CREDIT.  A  TAXPAYER
WHO  HAS  UNDERTAKEN  A QUALIFIED ASBESTOS PROJECT ON A QUALIFIED STRUC-
TURE, AND WHO IS SUBJECT TO TAX UNDER ARTICLE NINE, NINE-A OR TWENTY-TWO
OF THIS CHAPTER, SHALL BE ALLOWED A CREDIT AGAINST SUCH TAX, PURSUANT TO
THE PROVISIONS REFERENCED IN SUBDIVISION (C) OF THIS SECTION.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07055-01-3

              

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