Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2016 |
referred to finance |
Feb 13, 2015 |
referred to finance |
Senate Bill S3605
2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Finance 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
Actions
co-Sponsors
(R, C, IP) Senate District
2015-S3605 (ACTIVE) - Details
- Current Committee:
- Senate Finance
- Law Section:
- Public Authorities Law
- Laws Affected:
- Amd Part H §31, Chap 1 of 2003; amd §1285-q, Pub Auth L
2015-S3605 (ACTIVE) - Sponsor Memo
BILL NUMBER:S3605 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 qualified sites and environmental remediation insurance credits, in relation to tax credits for certain sites; to amend the public authorities law, in relation to the superfund program; and making an appropriation therefor PURPOSE: To extend certain tax credits for brownfield redevelopment and increase funding. SUMMARY OF SPECIFIC PROVISIONS: This bill would extend, until March 31, 2018, the eligibility time-frame for brownfield tax credits and increase the maximum amount of bonds that may be issued from one billion two million dollars to one billion five million dollars. JUSTIFICATION: In 2003, the Legislature authorized tax credits as part of the Brownfield Cleanup Program. The authority for those credits is set to
2015-S3605 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3605 2015-2016 Regular Sessions I N S E N A T E February 13, 2015 ___________ Introduced by Sen. RANZENHOFER -- read twice and ordered printed, and when printed to be committed to the Committee on Finance 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 tax cred- its for certain sites; to amend the public authorities law, in relation to the superfund program; and making an appropriation there- for THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 31 of 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, as amended by chapter 474 of the laws of 2012, is amended to read as follows: S 31. The tax credits allowed under section 21, 22 or 23 of the tax law and the corresponding provisions in articles 9, 9-A, 22, 32 and 33 of the tax law, as added by the provisions of sections one through twen- ty-nine of this act, shall not be applicable if the [remediation] certificate OF COMPLETION required to qualify for any of such credits is issued after [December 31, 2015] MARCH 31, 2018. S 2. Subdivision 3 of section 1285-q of the public authorities law, as added by section 6 of part I of chapter 1 of the laws of 2003, is amended to read as follows: 3. The maximum amount of bonds that may be issued for the purpose of financing hazardous waste site remediation projects authorized by this section shall not exceed one billion [two] FIVE hundred million dollars and shall not exceed one hundred twenty million dollars for appropri- ations enacted for any state fiscal year, provided that the bonds not issued for such appropriations may be issued pursuant to reappropriation EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07432-01-5
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