Assembly Bill A5365B

2013-2014 Legislative Session

Provides an asbestos remediation tax credit

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly 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

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Bill Amendments

co-Sponsors

2013-A5365 - Details

See Senate Version of this Bill:
S1671
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §§23-a & 187-t, amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: S6524
2015-2016: A6352, S2961
2017-2018: A3334, S689
2019-2020: A6134

2013-A5365 - 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.

2013-A5365 - Bill Text download pdf

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

                                  5365

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            February 25, 2013
                               ___________

Introduced  by M. of A. SCHIMMINGER, GABRYSZAK -- read once and referred
  to the Committee on Ways and Means

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.
                                                           LBD04752-03-3
              

co-Sponsors

2013-A5365A - Details

See Senate Version of this Bill:
S1671
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §§23-a & 187-t, amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: S6524
2015-2016: A6352, S2961
2017-2018: A3334, S689
2019-2020: A6134

2013-A5365A - 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.

2013-A5365A - Bill Text download pdf

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

                                 5365--A

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            February 25, 2013
                               ___________

Introduced  by  M.  of  A.  SCHIMMINGER -- read once and referred to the
  Committee on Ways and Means -- recommitted to the  Committee  on  Ways
  and  Means  in  accordance  with  Assembly Rule 3, sec. 2 -- committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04752-05-4

              

co-Sponsors

2013-A5365B (ACTIVE) - Details

See Senate Version of this Bill:
S1671
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §§23-a & 187-t, amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: S6524
2015-2016: A6352, S2961
2017-2018: A3334, S689
2019-2020: A6134

2013-A5365B (ACTIVE) - 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.

2013-A5365B (ACTIVE) - Bill Text download pdf

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

                                 5365--B

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            February 25, 2013
                               ___________

Introduced  by  M.  of  A.  SCHIMMINGER -- read once and referred to the
  Committee on Ways and Means -- recommitted to the  Committee  on  Ways
  and  Means  in  accordance  with  Assembly Rule 3, sec. 2 -- committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee -- again reported from said  committee  with  amend-
  ments, ordered reprinted as amended and recommitted to said committee

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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04752-07-4
              

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