senate Bill S5697

2013-2014 Legislative Session

Provides that certain tax credits shall not apply if the certificate of remediation required to qualify for such credits is issued after March 31, 2018

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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
returned to senate
died in assembly
Jun 24, 2013 referred to ways and means
Jun 21, 2013 delivered to assembly
passed senate
ordered to third reading cal.1618
committee discharged and committed to rules
Jun 05, 2013 referred to investigations and government operations

Votes

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S5697 - Bill Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Taxation
Laws Affected:
Amd Part H ยง31, Chap 1 of 2003

S5697 - Bill Texts

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Provides that certain tax credits shall not apply if the certificate of remediation required to qualify for such credits is issued after March 31, 2018.

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BILL NUMBER:S5697

TITLE OF BILL: An act to amend 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 and environmental remediation insurance credits, in
relation to extending certain provisions thereof

PURPOSE:

To extend certain tax credits for brownfield redevelopment.

SUMMARY OF SPECIFIC PROVISIONS:

This bill would extend, until March 31, 2018, the eligibility
time-frame for brownfield tax credits.

JUSTIFICATION:

In 2003, the Legislature authorized tax credits as part of the
Brownfield Cleanup Program. The authority for those credits is set to
expire on December 31, 2015. This legislation will delay the sunset of
those tax credits until March 31, 2018.

PRIOR LEGISLATIVE HISTORY:

This is new legislation.

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
________________________________________________________________________

                                  5697

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              June 5, 2013
                               ___________

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 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  and
  environmental  remediation insurance credits, in relation to extending
  certain provisions thereof

  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
and  environmental  remediation insurance credits, 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
[December 31, 2015] MARCH 31, 2018.
  S 2. This act shall take effect immediately.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10904-02-3

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