S7788-2011 - NY Senate Open Legislation - 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.

Sponsor: RULES
Law Section: Environmental Conservation / Law: Amd Part H S31, Chap 1 of 2003

S7788-2011 Actions

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

S7788-2011 Meetings

Rules: Jun 21, 2012

S7788-2011 Calendars

Floor Calendar: Jun 21, 2012

S7788-2011 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

S7788-2011 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.

S7788-2011 Text

 S T A T E   O F   N E W   Y O R K
 
                                          7788
 I N  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.
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD16131-01-2

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