senate Bill S6524A

2011-2012 Legislative Session

Provides an asbestos remediation tax credit

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Archive: Last Bill Status - Passed Senate


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 18, 2012 referred to ways and means
delivered to assembly
passed senate
ordered to third reading cal.1279
committee discharged and committed to rules
May 30, 2012 print number 6524a
amend and recommit to investigations and government operations
Feb 23, 2012 referred to investigations and government operations

Votes

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Bill Amendments

Original
A (Active)
Original
A (Active)

Co-Sponsors

S6524 - Bill Details

See Assembly Version of this Bill:
A9610A
Current Committee:
Law Section:
Tax Law
Laws Affected:
Add §§23-a & 187-s, amd §§210 & 606, Tax L

S6524 - Bill Texts

view summary

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

view sponsor memo
BILL NUMBER:S6524 REVISED 02/27/12

TITLE OF BILL:
An act to amend the tax law, in relation to providing an asbestos reme-
diation tax credit

PURPOSE:
To create an asbestos tax credit to support remediation and economic
development

SUMMARY OF SPECIFIC PROVISIONS:
Section one amends the tax law by adding a new section 23-a to provide
an asbestos remediation tax credit. The amount of the credit shall be
20% of all eligible costs which are incurred in the taxable year, as a
result of asbestos remediation with a qualified asbestos project.

Sections two through five amend the tax law to provide for the allowance
and application of an asbestos tax credit.

Section six provides the effective date.

JUSTIFICATION:
Asbestos contamination continues to frustrate efforts to reduce urban
blight in communities across the state of New York. The upfront costs
for asbestos remediation can be significant, numbering in the millions
of dollars. An asbestos remediation tax credit would alleviate some of
this burden and help restore dilapidated buildings-many of them older
historic buildings-to productive use.

PRIOR LEGISLATIVE HISTORY:
New bill.

FISCAL IMPLICATIONS:
To be determined.

EFFECTIVE DATE:
This act shall take effect immediately and shall apply to taxable years
commencing on or after January 1, 2012.

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                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6524

                            I N  S E N A T E

                            February 23, 2012
                               ___________

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 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:
  S 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 (I) A BUILD-
ING,  PRINCIPALLY  USED  BY  THE  TAXPAYER  FOR RESIDENTIAL, INDUSTRIAL,
COMMERCIAL, RECREATIONAL OR  ENVIRONMENTAL  CONSERVATION  PURPOSES,  AND
(II)  WHICH  WAS ORIGINALLY PLACED IN SERVICE AT LEAST TWENTY-FIVE YEARS
PRIOR TO THE TAXABLE YEAR IN WHICH THE CREDIT IS CLAIMED.
  (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.
  (2) AMOUNT OF CREDIT. THE AMOUNT OF THE CREDIT SHALL BE TWENTY PERCENT
OF  ALL  ELIGIBLE  COSTS  WHICH  ARE  INCURRED IN THE TAXABLE YEAR, AS A
RESULT OF ASBESTOS REMEDIATION WITH A QUALIFIED  ASBESTOS  PROJECT.  THE
CREDIT  SHALL  BE  ALLOWED  FOR  THE TAXABLE YEAR IN WHICH THE QUALIFIED

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13897-02-2

S. 6524                             2

ASBESTOS PROJECT IS FIRST COMMENCED AND  FOR  THE  NEXT  TWO  SUCCEEDING
TAXABLE  YEARS. THE COSTS, EXPENSES AND OTHER AMOUNTS FOR WHICH A CREDIT
IS ALLOWED AND CLAIMED UNDER THIS SUBDIVISION SHALL NOT BE USED  IN  THE
CALCULATION OF ANY OTHER CREDIT ALLOWED UNDER THIS CHAPTER.
  (C)  CROSS-REFERENCES.  FOR  APPLICATION OF THE CREDIT PROVIDED FOR IN
THIS SECTION, SEE THE FOLLOWING PROVISIONS OF THIS CHAPTER:
  ARTICLE 9: SECTION 187-S.
  ARTICLE 9-A: SECTION 210, SUBDIVISION 45.
  ARTICLE 22: SECTION 606, SUBSECTIONS (I) AND (UU).
  S 2. The tax law is amended by adding a new section 187-s to  read  as
follows:
  S  187-S.  ASBESTOS  REMEDIATION  CREDIT.  1.  ALLOWANCE  OF CREDIT. A
TAXPAYER SHALL BE ALLOWED A  CREDIT,  TO  BE  COMPUTED  AS  PROVIDED  IN
SECTION  TWENTY-THREE-A  OF  THIS  CHAPTER, AGAINST THE TAXES IMPOSED BY
THIS ARTICLE. PROVIDED, HOWEVER, THAT THE AMOUNT OF SUCH  CREDIT  ALLOW-
ABLE  AGAINST THE TAX IMPOSED BY SECTION ONE HUNDRED EIGHTY-FOUR OF THIS
ARTICLE SHALL BE THE EXCESS OF THE AMOUNT OF SUCH CREDIT OVER THE AMOUNT
OF ANY CREDIT ALLOWED BY THIS SECTION AGAINST THE TAX IMPOSED BY SECTION
ONE HUNDRED EIGHTY-THREE OF THIS ARTICLE.
  2. APPLICATION OF CREDIT. THE CREDIT UNDER THIS SECTION FOR ANY  TAXA-
BLE  YEAR  SHALL  NOT  REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE
APPLICABLE MINIMUM TAX PRESCRIBED BY  THIS  ARTICLE.  IF,  HOWEVER,  THE
AMOUNT  OF  CREDIT  ALLOWABLE  UNDER  THIS  SECTION FOR ANY TAXABLE YEAR
REDUCES THE TAX TO SUCH AMOUNT, ANY AMOUNT OF CREDIT NOT  DEDUCTIBLE  IN
SUCH  TAXABLE  YEAR  SHALL  BE  TREATED  AS  AN OVERPAYMENT OF TAX TO BE
REFUNDED IN ACCORDANCE WITH  THE  PROVISIONS  OF  SECTION  ONE  THOUSAND
EIGHTY-SIX  OF  THIS  CHAPTER.  PROVIDED,  HOWEVER,  THE  PROVISIONS  OF
SUBSECTION (C) OF SECTION ONE  THOUSAND  EIGHTY-EIGHT  OF  THIS  CHAPTER
NOTWITHSTANDING, NO INTEREST SHALL BE PAID THEREON.
  S 3. Section 210 of the tax law is amended by adding a new subdivision
45 to read as follows:
  45.  ASBESTOS  REMEDIATION CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER
WHO HAS UNDERTAKEN A QUALIFIED ASBESTOS PROJECT ON AN EXISTING STRUCTURE
SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN  SECTION  TWEN-
TY-THREE-A OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.
  (B)  APPLICATION  OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBDIVISION
FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO  LESS
THAN  THE HIGHER AMOUNT PRESCRIBED IN PARAGRAPHS (C) AND (D) OF SUBDIVI-
SION ONE OF THIS SECTION. HOWEVER, IF  THE  AMOUNT  OF  CREDITS  ALLOWED
UNDER  THIS  SUBDIVISION  FOR  ANY  TAXABLE YEAR REDUCES THE TAX TO SUCH
AMOUNT, ANY AMOUNT OF CREDIT THUS NOT DEDUCTIBLE IN  SUCH  TAXABLE  YEAR
SHALL  BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION  ONE  THOUSAND  EIGHTY-SIX  OF
THIS  CHAPTER.    PROVIDED, HOWEVER, THE PROVISIONS OF SUBSECTION (C) OF
SECTION ONE THOUSAND EIGHTY-EIGHT OF THIS  CHAPTER  NOTWITHSTANDING,  NO
INTEREST SHALL BE PAID THEREON.
  S  4. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
of the tax law is amended by adding a new  clause  (xxxiv)  to  read  as
follows:

(XXXIV) ASBESTOS REMEDIATION CREDIT  AMOUNT OF CREDIT UNDER
                                     SUBDIVISION FORTY-FIVE OF
                                     SECTION TWO HUNDRED TEN
  S  5. Section 606 of the tax law is amended by adding a new subsection
(uu) to read as follows:

S. 6524                             3

  (UU) ASBESTOS REMEDIATION CREDIT. (1) ALLOWANCE OF CREDIT. A  TAXPAYER
WHO HAS UNDERTAKEN A QUALIFIED ASBESTOS PROJECT ON AN EXISTING STRUCTURE
SHALL  BE  ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION TWEN-
TY-THREE-A OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.
  (2)  APPLICATION  OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF  TAX  TO  BE
CREDITED  OR  REFUNDED  IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO  INTEREST
SHALL BE PAID THEREON.
  S 6. This act shall take effect immediately and shall apply to taxable
years commencing on or after January 1, 2012.

Co-Sponsors

S6524A (ACTIVE) - Bill Details

See Assembly Version of this Bill:
A9610A
Current Committee:
Law Section:
Tax Law
Laws Affected:
Add §§23-a & 187-s, amd §§210 & 606, Tax L

S6524A (ACTIVE) - Bill Texts

view summary

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

view sponsor memo
BILL NUMBER:S6524A

TITLE OF BILL:
An act to amend the tax law, in relation to providing an asbestos
remediation tax credit

PURPOSE:
To create an asbestos tax credit to support remediation and economic
development

SUMMARY OF SPECIFIC PROVISIONS:
Section one amends the tax law by adding a new section 23-a to provide
an asbestos remediation tax credit. The amount of the credit shall be
20% of all eligible costs which are incurred in the taxable year, as a
result of asbestos remediation with a qualified asbestos project. The
credit shall not exceed one million dollars for the three taxable
years allowed and claimed.

Sections two through five amend the tax law to provide for the
allowance and application of an asbestos tax credit.

Section six provides the effective date.

JUSTIFICATION:
Due to the presence of asbestos, structures in older, established
neighborhoods throughout the State are faced with an uneven playing
field for development and reinvestment. The costs necessary to safely
and legally remediate asbestos from these structures (either for
adaptive reuse or demolition and new build) are unfeasibly high and
therefore perpetuate blight, abandonment and disinvestment.

Some of the larger, and potentially transformational projects in the
State have asbestos remediation costs that are upwards of $4-5
million. Although these projects are not the norm, they represent the
largest catalytic opportunities for economic redevelopment and
reinvestment in our cities and regions. By placing a $1 million cap on
claimable credits for asbestos remediation the State will guide
transformational private capital investment into existing
infrastructure and assets, and begin to address this real public
safety concern and unavoidable hurdle to smart growth redevelopment.

PRIOR LEGISLATIVE HISTORY:
New bill.

FISCAL IMPLICATIONS:
To be determined.

EFFECTIVE DATE:
This act shall take effect immediately and shall apply to taxable
years commencing on or after January 1, 2012.

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 6524--A

                            I N  S E N A T E

                            February 23, 2012
                               ___________

Introduced  by  Sens.  GRISANTI,  RANZENHOFER  -- read twice and ordered
  printed, and when printed to be committed to the Committee on Investi-
  gations  and  Government  Operations  --  committee  discharged,  bill
  amended,  ordered reprinted as amended and recommitted to said commit-
  tee

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:
  S 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 (I) A BUILD-
ING,  PRINCIPALLY  USED  BY  THE  TAXPAYER  FOR RESIDENTIAL, INDUSTRIAL,
COMMERCIAL, RECREATIONAL OR  ENVIRONMENTAL  CONSERVATION  PURPOSES,  AND
(II)  WHICH  WAS ORIGINALLY PLACED IN SERVICE AT LEAST TWENTY-FIVE YEARS
PRIOR TO THE TAXABLE YEAR IN WHICH THE CREDIT IS CLAIMED.
  (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.
  (2) AMOUNT OF CREDIT. THE AMOUNT OF THE CREDIT SHALL BE TWENTY PERCENT
OF  ALL  ELIGIBLE  COSTS  WHICH  ARE  INCURRED IN THE TAXABLE YEAR, AS A

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13897-03-2

S. 6524--A                          2

RESULT OF ASBESTOS REMEDIATION WITH A QUALIFIED  ASBESTOS  PROJECT.  THE
CREDIT  SHALL  BE  ALLOWED  FOR  THE TAXABLE YEAR IN WHICH THE QUALIFIED
ASBESTOS PROJECT IS FIRST COMMENCED AND  FOR  THE  NEXT  TWO  SUCCEEDING
TAXABLE  YEARS. THE CREDIT AUTHORIZED PURSUANT TO THIS SECTION SHALL NOT
EXCEED ONE MILLION DOLLARS FOR  THE  THREE  TAXABLE  YEARS  ALLOWED  AND
CLAIMED.  THE  COSTS,  EXPENSES  AND OTHER AMOUNTS FOR WHICH A CREDIT IS
ALLOWED AND CLAIMED UNDER THIS SUBDIVISION SHALL  NOT  BE  USED  IN  THE
CALCULATION OF ANY OTHER CREDIT ALLOWED UNDER THIS CHAPTER.
  (C)  CROSS-REFERENCES.  FOR  APPLICATION OF THE CREDIT PROVIDED FOR IN
THIS SECTION, SEE THE FOLLOWING PROVISIONS OF THIS CHAPTER:
  ARTICLE 9: SECTION 187-S.
  ARTICLE 9-A: SECTION 210, SUBDIVISION 45.
  ARTICLE 22: SECTION 606, SUBSECTIONS (I) AND (UU).
  S 2. The tax law is amended by adding a new section 187-s to  read  as
follows:
  S  187-S.  ASBESTOS  REMEDIATION  CREDIT.  1.  ALLOWANCE  OF CREDIT. A
TAXPAYER SHALL BE ALLOWED A  CREDIT,  TO  BE  COMPUTED  AS  PROVIDED  IN
SECTION  TWENTY-THREE-A  OF  THIS  CHAPTER, AGAINST THE TAXES IMPOSED BY
THIS ARTICLE. PROVIDED, HOWEVER, THAT THE AMOUNT OF SUCH  CREDIT  ALLOW-
ABLE  AGAINST THE TAX IMPOSED BY SECTION ONE HUNDRED EIGHTY-FOUR OF THIS
ARTICLE SHALL BE THE EXCESS OF THE AMOUNT OF SUCH CREDIT OVER THE AMOUNT
OF ANY CREDIT ALLOWED BY THIS SECTION AGAINST THE TAX IMPOSED BY SECTION
ONE HUNDRED EIGHTY-THREE OF THIS ARTICLE.
  2. APPLICATION OF CREDIT. THE CREDIT UNDER THIS SECTION FOR ANY  TAXA-
BLE  YEAR  SHALL  NOT  REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE
APPLICABLE MINIMUM TAX PRESCRIBED BY  THIS  ARTICLE.  IF,  HOWEVER,  THE
AMOUNT  OF  CREDIT  ALLOWABLE  UNDER  THIS  SECTION FOR ANY TAXABLE YEAR
REDUCES THE TAX TO SUCH AMOUNT, ANY AMOUNT OF CREDIT NOT  DEDUCTIBLE  IN
SUCH  TAXABLE  YEAR  SHALL  BE  TREATED  AS  AN OVERPAYMENT OF TAX TO BE
REFUNDED IN ACCORDANCE WITH  THE  PROVISIONS  OF  SECTION  ONE  THOUSAND
EIGHTY-SIX  OF  THIS  CHAPTER.  PROVIDED,  HOWEVER,  THE  PROVISIONS  OF
SUBSECTION (C) OF SECTION ONE  THOUSAND  EIGHTY-EIGHT  OF  THIS  CHAPTER
NOTWITHSTANDING, NO INTEREST SHALL BE PAID THEREON.
  S 3. Section 210 of the tax law is amended by adding a new subdivision
45 to read as follows:
  45.  ASBESTOS  REMEDIATION CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER
WHO HAS UNDERTAKEN A QUALIFIED ASBESTOS PROJECT ON AN EXISTING STRUCTURE
SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN  SECTION  TWEN-
TY-THREE-A OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.
  (B)  APPLICATION  OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBDIVISION
FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO  LESS
THAN  THE HIGHER AMOUNT PRESCRIBED IN PARAGRAPHS (C) AND (D) OF SUBDIVI-
SION ONE OF THIS SECTION. HOWEVER, IF  THE  AMOUNT  OF  CREDITS  ALLOWED
UNDER  THIS  SUBDIVISION  FOR  ANY  TAXABLE YEAR REDUCES THE TAX TO SUCH
AMOUNT, ANY AMOUNT OF CREDIT THUS NOT DEDUCTIBLE IN  SUCH  TAXABLE  YEAR
SHALL  BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION  ONE  THOUSAND  EIGHTY-SIX  OF
THIS  CHAPTER.    PROVIDED, HOWEVER, THE PROVISIONS OF SUBSECTION (C) OF
SECTION ONE THOUSAND EIGHTY-EIGHT OF THIS  CHAPTER  NOTWITHSTANDING,  NO
INTEREST SHALL BE PAID THEREON.
  S  4. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
of the tax law is amended by adding a new  clause  (xxxiv)  to  read  as
follows:

(XXXIV) ASBESTOS REMEDIATION CREDIT  AMOUNT OF CREDIT UNDER
                                     SUBDIVISION FORTY-FIVE OF

S. 6524--A                          3

                                     SECTION TWO HUNDRED TEN
  S  5. Section 606 of the tax law is amended by adding a new subsection
(uu) to read as follows:
  (UU) ASBESTOS REMEDIATION CREDIT. (1) ALLOWANCE OF CREDIT. A  TAXPAYER
WHO HAS UNDERTAKEN A QUALIFIED ASBESTOS PROJECT ON AN EXISTING STRUCTURE
SHALL  BE  ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION TWEN-
TY-THREE-A OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.
  (2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT  ALLOWED  UNDER
THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
SUCH  YEAR,  THE  EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE
CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS  OF  SECTION  SIX
HUNDRED  EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST
SHALL BE PAID THEREON.
  S 6. This act shall take effect immediately and shall apply to taxable
years commencing on or after January 1, 2012.

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