Assembly Bill A2268

2017-2018 Legislative Session

Provides an asbestos remediation tax credit

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2017-A2268 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §§23-a & 187-t, amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: A5683
2015-2016: A3240
2019-2020: A7026
2021-2022: A4862
2023-2024: A2848

2017-A2268 (ACTIVE) - Summary

Provides an asbestos remediation tax credit in Erie county; allows for a fifty percent credit of all eligible costs which are incurred as a result of asbestos remediation, not to exceed $1,000,000.

2017-A2268 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2268
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 17, 2017
                                ___________
 
 Introduced  by  M. of A. PEOPLES-STOKES -- read once and referred to the
   Committee on Ways and Means
 
 AN ACT to amend the tax law, in relation to providing an asbestos  reme-
   diation tax credit
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. The tax law is amended by adding a new section 23-a to read
 as follows:
   § 23-A. ASBESTOS REMEDIATION CREDIT. (A) DEFINITIONS. AS USED IN  THIS
 SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   (1)  QUALIFIED  STRUCTURE. "QUALIFIED STRUCTURE" SHALL MEAN A BUILDING
 (I) PRINCIPALLY  USED  BY  THE  TAXPAYER  FOR  RESIDENTIAL,  INDUSTRIAL,
 COMMERCIAL,  RECREATIONAL  OR  ENVIRONMENTAL CONSERVATION PURPOSES, (II)
 WHICH WAS ORIGINALLY PLACED IN SERVICE AT LEAST TWENTY-FIVE YEARS  PRIOR
 TO THE TAXABLE YEAR IN WHICH THE CREDIT IS CLAIMED, AND (III) THAT IS AT
 LEAST PARTIALLY SITUATED WITHIN ERIE COUNTY.
   (2)  ELIGIBLE  COSTS. "ELIGIBLE COSTS" SHALL MEAN ALL AMOUNTS PROPERLY
 CHARGEABLE TO A CAPITAL ACCOUNT, WHICH ARE INCURRED IN DIRECT CONNECTION
 TO ASBESTOS REMEDIATION OF A QUALIFIED ASBESTOS PROJECT.
   (3) QUALIFIED ASBESTOS PROJECT. "QUALIFIED ASBESTOS PROJECT" SHALL  BE
 AN  ASBESTOS PROJECT AS DEFINED IN SECTION NINE HUNDRED ONE OF THE LABOR
 LAW AND UNDERTAKEN BY  THE  TAXPAYER,  ON  A  QUALIFIED  STRUCTURE,  AND
 COMPLETED  PURSUANT  TO  THE APPLICABLE REGULATIONS AT PART FIFTY-SIX OF
 TITLE TWELVE OF THE OFFICIAL COMPILATION OF RULES AND REGULATIONS OF THE
 STATE.
   (B) ASBESTOS REMEDIATION CREDIT. (1) ALLOWANCE OF CREDIT.  A  TAXPAYER
 WHO  HAS  UNDERTAKEN  A QUALIFIED ASBESTOS PROJECT ON A QUALIFIED STRUC-
 TURE, AND WHO IS SUBJECT TO TAX UNDER ARTICLE NINE, NINE-A OR TWENTY-TWO
 OF THIS CHAPTER, SHALL BE ALLOWED A CREDIT AGAINST SUCH TAX, PURSUANT TO
 THE PROVISIONS REFERENCED IN SUBDIVISION (C) OF THIS SECTION.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03610-01-7
              

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