Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 08, 2014 |
referred to investigations and government operations |
Feb 07, 2013 |
referred to investigations and government operations |
Senate Bill S3611
2013-2014 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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
Actions
2013-S3611 (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Taxation
- Laws Affected:
- Amd Part H §31, Chap 1 of 2003
- Versions Introduced in 2011-2012 Legislative Session:
-
S7368
2013-S3611 (ACTIVE) - Sponsor Memo
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
2013-S3611 (ACTIVE) - Bill Text download pdf
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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