senate Bill S3611

2013-2014 Legislative Session

Extends the deadline for remediation certificates to be filed relating to certain tax credits

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Archive: Last Bill Status - In Committee


  • 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
Jan 08, 2014 referred to investigations and government operations
Feb 07, 2013 referred to investigations and government operations

S3611 - Bill Details

Current Committee:
Law Section:
Taxation
Laws Affected:
Amd Part H ยง31, Chap 1 of 2003
Versions Introduced in 2011-2012 Legislative Session:
S7368

S3611 - Bill Texts

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Extends the deadline for remediation certificates to be filed relating to certain brownfield redevelopment tax credits, remediated brownfield credit for real property taxes for qualified sites and environmental remediation insurance credits.

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BILL NUMBER:S3611

TITLE OF BILL: An act to amend 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, environ-
mental remediation insurance credits, and amending the insurance law
relating to qualification of environmental remediation insurance for tax
credit; in relation to the applicability of certain tax credits

PURPOSE: Extends the deadline for the remediation certificates to be
filed relating to certain tax credits.

SUMMARY OF PROVISIONS: Changes the date of expiration of the Brownfield
tax credits from March 31, 2015 to March 31, 2030.

JUSTIFICATION: This bill would extend the brownfield tax credits until
March 31, 2030. The current law allows the brownfield cleanup program
tax credits to sunset on March 31, 2015. The extension of these credits
is necessary to ensure that necessary work covered under the program
continues. Projects under this initiative take almost three years to
receive a completion certificate which is required to receive the tax
credits. Not extending the sunset date will hamper progress and success
of these necessary projects.

LEGISLATIVE HISTORY: 2012: S. 7368 Investigations and Government
Operations/No Same As

FISCAL IMPLICATIONS: To be determined.

EFFECTIVE DATE: This act shall take effect immediately.

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

                                  3611

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 7, 2013
                               ___________

Introduced  by  Sen.  MARCELLINO  -- read twice and ordered printed, and
  when printed to be committed to the Committee  on  Investigations  and
  Government Operations

AN  ACT  to  amend  chapter  1 of the laws of 2003, amending the tax law
  relating to brownfield redevelopment tax  credits,  remediated  brown-
  field  credit  for  real  property taxes for qualified sites, environ-
  mental remediation insurance credits, and amending  the insurance  law
  relating  to  qualification of environmental remediation insurance for
  tax credit; in relation to the applicability of certain tax credits

  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, environmental remediation insurance  credits,  and  amending  the
insurance  law  relating  to  qualification of environmental remediation
insurance for tax credit, 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  certif-
icate required to qualify for any of such credits is issued after Decem-
ber 31, [2015] 2030.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08469-01-3

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