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Assembly Bill A2438

2013-2014 Legislative Session

Relates to the brownfield redevelopment tax credit

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2013-A2438 (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Amd ยง21, Tax L
Versions Introduced in 2011-2012 Legislative Session:
A3496

2013-A2438 (ACTIVE) - Summary

Relates to the brownfield redevelopment tax credit.

2013-A2438 (ACTIVE) - Bill Text download pdf 

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

                                  2438

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            January 15, 2013
                               ___________

Introduced  by  M.  of A. GABRYSZAK, PAULIN, KELLNER, JAFFEE, SCHIMEL --
  Multi-Sponsored by -- M. of  A.  BRENNAN,  CORWIN,  GLICK,  McDONOUGH,
  TITONE,  WEISENBERG -- read once and referred to the Committee on Ways
  and Means

AN ACT to amend the tax law, in relation to a  brownfield  redevelopment
  tax credit

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subparagraph (A) of paragraph 3-a  of  subdivision  (a)  of
section  21 of the tax law, as added by chapter 390 of the laws of 2008,
is amended to read as follows:
  (A) Notwithstanding any other provision of law to  the  contrary,  the
tangible property credit component available PURSUANT TO PARAGRAPH THREE
OF  THIS  SUBDIVISION  for (I) any qualified site [pursuant to paragraph
three of this subdivision] AS DEFINED IN THIS SECTION AND (II) ANY  SITE
FOR  WHICH  A  DENIAL  OF  A REQUEST FOR PARTICIPATION IN THE BROWNFIELD
CLEANUP PROGRAM UNDER SECTION 27-1407 OF THE ENVIRONMENTAL  CONSERVATION
LAW  HAS  BEEN OVERTURNED BY A COURT OF COMPETENT JURISDICTION shall not
exceed thirty-five million dollars or three times the costs included  in
the calculation of the site preparation credit component and the on-site
groundwater  remediation credit component under paragraphs two and four,
respectively, of this subdivision, whichever is less; provided, however,
that: (1) in the case of a qualified site to be used primarily for manu-
facturing activities, the tangible property credit  component  available
for  any  qualified site pursuant to paragraph three of this subdivision
shall not exceed forty-five million  dollars  or  six  times  the  costs
included in the calculation of the site preparation credit component and
the  on-site  groundwater  remediation credit component under paragraphs
two and four, respectively, of this subdivision, whichever is less;  and
(2)  the  provisions  of this paragraph shall not apply to any qualified
site for which the department of environmental conservation has issued a

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05646-01-3

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