S3611-2013 Actions

• Feb 7, 2013: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

S3611-2013 Memo

BILL NUMBER:S3611

TITLE OF BILL:  An act to amend 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, environ-
mental remediation insurance credits, and amending  the insurance law
relating to qualification of environmental remediation insurance for tax
credit; in relation to the applicability of certain tax credits

PURPOSE: Extends the deadline for the remediation certificates to be
filed relating to certain tax credits.

SUMMARY OF PROVISIONS:  Changes the date of expiration of the Brownfield
tax credits from March 31, 2015 to March 31, 2030.

JUSTIFICATION: This bill would extend the brownfield tax credits until
March 31, 2030. The current law allows the brownfield cleanup program
tax credits to sunset on March 31, 2015. The extension of these credits
is necessary to ensure that necessary work covered under the program
continues. Projects under this initiative take almost three years to
receive a completion certificate which is required to receive the tax
credits. Not extending the sunset date will hamper progress and success
of these necessary projects.

LEGISLATIVE HISTORY:  2012: S. 7368 Investigations and Government
Operations/No Same As

FISCAL IMPLICATIONS: To be determined.

EFFECTIVE DATE: This act shall take effect immediately.

S3611-2013 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         3611
 2013-2014 Regular Sessions
 I N  SENATE
 February 7, 2013
 
 Introduced  by  Sen.  MARCELLINO  -- read twice and ordered printed, and
 when printed to be committed to the Committee  on  Investigations  and
 Government Operations
 AN  ACT  to  amend  chapter  1 of the laws of 2003, amending the tax law
 relating to brownfield redevelopment tax  credits,  remediated  brown
 field  credit  for  real  property taxes for qualified sites, environ
 mental remediation insurance credits, and amending  the insurance  law
 relating  to  qualification of environmental remediation insurance for
 tax credit; in relation to the applicability of certain tax credits
 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, environmental remediation insurance  credits,  and  amending  the
 insurance  law  relating  to  qualification of environmental remediation
 insurance for tax credit, 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  certif
 icate required to qualify for any of such credits is issued after Decem
 ber 31, [2015] 2030.
 

S 2. This act shall take effect immediately.
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08469-01-3

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