Bill S5697-2013

Provides that certain tax credits shall not apply if the certificate of remediation required to qualify for such credits is issued after March 31, 2018

Provides that certain tax credits shall not apply if the certificate of remediation required to qualify for such credits is issued after March 31, 2018.

Details

Actions

  • Jan 8, 2014: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • Jan 8, 2014: returned to senate
  • Jan 8, 2014: died in assembly
  • Jun 24, 2013: referred to ways and means
  • Jun 21, 2013: DELIVERED TO ASSEMBLY
  • Jun 21, 2013: PASSED SENATE
  • Jun 21, 2013: ORDERED TO THIRD READING CAL.1618
  • Jun 21, 2013: COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • Jun 5, 2013: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Votes

Memo

BILL NUMBER:S5697

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 extending certain provisions thereof

PURPOSE:

To extend certain tax credits for brownfield redevelopment.

SUMMARY OF SPECIFIC PROVISIONS:

This bill would extend, until March 31, 2018, the eligibility time-frame for brownfield tax credits.

JUSTIFICATION:

In 2003, the Legislature authorized tax credits as part of the Brownfield Cleanup Program. The authority for those credits is set to expire on December 31, 2015. This legislation will delay the sunset of those tax credits until March 31, 2018.

PRIOR LEGISLATIVE HISTORY:

This is new legislation.

FISCAL IMPLICATIONS:

To be determined.

EFFECTIVE DATE:

This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 5697 2013-2014 Regular Sessions IN SENATE June 5, 2013 ___________
Introduced by Sen. GRISANTI -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations 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: 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 certif- icate required to qualify for any of such credits is issued after [December 31, 2015] MARCH 31, 2018. S 2. This act shall take effect immediately.

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