Bill S7788-2011

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

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.

Details

Actions

  • Jun 21, 2012: SUBSTITUTED BY A10593
  • Jun 21, 2012: ORDERED TO THIRD READING CAL.1522
  • Jun 18, 2012: REFERRED TO RULES

Meetings

Votes

VOTE: COMMITTEE VOTE: - Rules - Jun 21, 2012
Ayes (18): Skelos, Alesi, Farley, Hannon, Johnson, Larkin, LaValle, Libous, Marcellino, Maziarz, Nozzolio, Saland, Seward, Sampson, Breslin, Dilan, Hassell-Thompson, Smith
Ayes W/R (3): Duane, Montgomery, Stewart-Cousins
Nays (3): Krueger, Parker, Perkins
Excused (1): Fuschillo

Memo

BILL NUMBER:S7788

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 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 timeframe 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 Brownfield 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 determined.

EFFECTIVE DATE:

This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 7788 IN SENATE June 18, 2012 ___________
Introduced by COMMITTEE ON RULES -- read twice and ordered printed, and when printed to be committed to the Committee on Rules 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, 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 [March] DECEMBER 31, 2015. S 2. This act shall take effect immediately.

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