Bill S7878-2013

Relates to the eligibility for participation in the brownfield cleanup program; appropriation

Relates to the eligibility for participation in the brownfield cleanup program; makes appropriation therefor.

Details

Actions

  • Jun 20, 2014: SUBSTITUTED BY A10135
  • Jun 18, 2014: ORDERED TO THIRD READING CAL.1588
  • Jun 18, 2014: COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • Jun 16, 2014: REFERRED TO FINANCE

Meetings

Calendars

Votes

VOTE: COMMITTEE VOTE: - Rules - Jun 18, 2014
Ayes (21): Skelos, Libous, Bonacic, Carlucci, Farley, Flanagan, Hannon, Larkin, LaValle, Marcellino, Maziarz, Nozzolio, Seward, Valesky, Little, Stewart-Cousins, Breslin, Dilan, Hassell-Thompson, Montgomery, Parker
Ayes W/R (3): Krueger, Perkins, Gianaris
Excused (1): Espaillat

Memo

BILL NUMBER:S7878     REVISED MEMO 06/17/2014

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 the sunset of the brownfield cleanup program, and to authorize refinancing of the State Superfund program.

SUMMARY OF SPECIFIC PROVISIONS: This bill would:

*extend the brownfields cleanup program sunset to March 31, 2017;

*authorize refinancing of the State Superfund Program until March 31, 2017; and

*appropriate $100 million to the hazardous waste cleanup account.

JUSTIFICATION:

This bill would extend the December 31, 2015 sunset of the brownfield cleanup program (BCP) to March 31, 2017. Projects take on average 2.8 years to obtain a certificate of completion, which is required to receive tax credits. Extending the sunset is necessary to keep the program going because the sunset has effectively ceased inclusion of new projects under the BCP. Further, this bill would provide continued funding to remediate Superfund sites.

PRIOR LEGISLATIVE HISTORY:

New bill.

FISCAL IMPLICATIONS:

To be determined.

EFFECTIVE DATE:

This act shall take effect immediately provided that section three of this act shall be deemed to have been in full force and effect on and after April 1, 2014.


Text

STATE OF NEW YORK ________________________________________________________________________ 7878 IN SENATE June 16, 2014 ___________
Introduced by Sen. GRISANTI -- 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, 2017. 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 in subsequent fiscal years. No bonds shall be issued for the repayment of any new appropriation enacted after March thirty-first, two thousand [thirteen] SEVENTEEN for hazardous waste site remediation projects
authorized by this section. Amounts authorized to be issued by this section shall be exclusive of bonds issued to fund any debt service reserve funds, pay costs of issuance of such bonds, and bonds or notes issued to refund or otherwise repay bonds or notes previously issued. Such bonds and notes of the corporation shall not be a debt of the state, and the state shall not be liable thereon, nor shall they be payable out of any funds other than those appropriated by this state to the corporation for debt service and related expenses pursuant to any service contracts executed pursuant to subdivision one of this section, and such bonds and notes shall contain on the face thereof a statement to such effect. S 3. The sum of one hundred million dollars ($100,000,000) is hereby appropriated to the department of environmental conservation out of any moneys in the state treasury in the capital fund to the credit of the hazardous waste cleanup account, not otherwise appropriated, and made immediately available, for the purpose of carrying out the provisions of this act. Such moneys shall be payable on the audit and warrant of the comptroller on vouchers certified or approved by the commissioner of environmental conservation in the manner prescribed by law. S 4. This act shall take effect immediately provided that section three of this act shall be deemed to have been in full force and effect on and after April 1, 2014.

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