NY State Senate Bill S2961

Archive: Last Bill Status - In Senate Committee Finance Committee

Introduced
In Committee
On Floor Calendar
- Passed Senate
- Passed Assembly
Delivered to Governor
Signed/Vetoed by Governor

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Actions

view actions (10)

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 04, 2016	reported and committed to finance
Jan 06, 2016	referred to investigations and government operations returned to senate died in assembly
May 28, 2015	referred to ways and means delivered to assembly passed senate
May 27, 2015	ordered to third reading cal.982 committee discharged and committed to rules
Jan 30, 2015	referred to investigations and government operations

Votes

view votes

May 4, 2016 - Investigations and Government Operations committee Vote

S2961

committee

Aye

Nay

Aye with Reservations

Absent

Excused

Abstained

show Investigations and Government Operations committee vote details

Investigations and Government Operations Committee Vote: May 4, 2016

aye (5)

aye wr (2)

excused (2)

May 28, 2015 - floor Vote

S2961

floor

Aye

Nay

Absent

Excused

Abstained

May 27, 2015 - Rules committee Vote

S2961

committee

Aye

Nay

Aye with Reservations

Absent

Excused

Abstained

Co-Sponsors

S2961 (ACTIVE) - Details

See Assembly Version of this Bill:: A6352
Current Committee:: Senate Finance
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
2013-2014: S1671, A5365
2017-2018: S689, A3334
2019-2020: A6134

S2961 (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.

S2961 (ACTIVE) - Sponsor Memo

BILL NUMBER:S2961

TITLE OF BILL:  An act to amend the tax law, in relation to providing
an asbestos remediation tax credit

PURPOSE:

To create an asbestos tax credit to support remediation and economic
development

SUMMARY OF SPECIFIC PROVISIONS:

Section one amends the tax law by adding a new section 23-a to provide
an asbestos remediation tax credit. The amount of the credit shall be
20% of all eligible costs which are incurred in the taxable year, as a
result of asbestos remediation with a qualified asbestos project.  The
credit shall not exceed one million dollars for the three taxable
years allowed and claimed.

Sections two through five amend the tax law to provide for the
allowance and application of an asbestos tax credit.

Section six provides the effective date.

JUSTIFICATION:

Due to the presence of asbestos, structures in older, established
neighborhoods throughout the State are faced with an uneven playing
field for development and reinvestment. The costs necessary to safely
and legally remediate asbestos from these structures (either for
adaptive reuse or demolition and new build) are unfeasibly high and
therefore perpetuate blight, abandonment and disinvestment.

Some of the larger, and potentially transformational projects in the
State have asbestos remediation costs that are upwards of $4-5
million. Although these projects are not the norm, they represent the
largest catalytic opportunities for economic redevelopment and
reinvestment in our cities and regions. By placing a $1 million cap on
claimable credits for asbestos remediation the State will guide
transformational private capital investment into existing
infrastructure and assets, and begin to address this real public
safety concern and unavoidable hurdle to smart growth redevelopment.

PRIOR LEGISLATIVE HISTORY:

S1671/A5365 (2013-14) Passed Senate; Print number 5365b S6524A Passed
Senate in 2012

FISCAL IMPLICATIONS:

To be determined.

EFFECTIVE DATE:

This act shall take effect immediately and shall apply to taxable
years commencing on or after such date.

S2961 (ACTIVE) - Bill Text download pdf

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

                                  2961

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 30, 2015
                               ___________

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

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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02769-01-5

S. 2961                             2

  (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
RESULT OF ASBESTOS  REMEDIATION  WITH  A  COMPLETED  QUALIFIED  ASBESTOS
PROJECT.  THE  CREDIT SHALL BE ALLOWED FOR THE TAXABLE YEAR IN WHICH THE
QUALIFIED  ASBESTOS  PROJECT  IS  FIRST  COMMENCED  AND FOR THE NEXT TWO
SUCCEEDING TAXABLE YEARS. THE CREDIT AUTHORIZED PURSUANT TO THIS SECTION
SHALL NOT EXCEED THE TOTAL SUM OF ONE  MILLION  DOLLARS  FOR  THE  THREE
TAXABLE YEARS ALLOWED AND CLAIMED. THE COSTS, EXPENSES AND OTHER AMOUNTS
FOR  WHICH  A CREDIT IS ALLOWED AND CLAIMED UNDER THIS SUBDIVISION SHALL
NOT BE USED IN THE CALCULATION OF ANY OTHER CREDIT  ALLOWED  UNDER  THIS
CHAPTER.
  (C)  CROSS-REFERENCES.  FOR  APPLICATION OF THE CREDIT PROVIDED FOR IN
THIS SECTION, SEE THE FOLLOWING PROVISIONS OF THIS CHAPTER:
  ARTICLE 9: SECTION 187-T.
  ARTICLE 9-A: SECTION 210-B, SUBDIVISION 49.
  ARTICLE 22: SECTION 606, SUBSECTIONS (I) AND (CCC).
  S 2. The tax law is amended by adding a new section 187-t to  read  as
follows:
  S  187-T.  ASBESTOS  REMEDIATION  CREDIT.  1.  ALLOWANCE  OF CREDIT. A
TAXPAYER SHALL BE ALLOWED A  CREDIT,  TO  BE  COMPUTED  AS  PROVIDED  IN
SECTION  TWENTY-THREE-A  OF  THIS  CHAPTER, AGAINST THE TAXES IMPOSED BY
THIS ARTICLE. PROVIDED, HOWEVER, THAT THE AMOUNT OF SUCH  CREDIT  ALLOW-
ABLE  AGAINST THE TAX IMPOSED BY SECTION ONE HUNDRED EIGHTY-FOUR OF THIS
ARTICLE SHALL BE THE EXCESS OF THE AMOUNT OF SUCH CREDIT OVER THE AMOUNT
OF ANY CREDIT ALLOWED BY THIS SECTION AGAINST THE TAX IMPOSED BY SECTION
ONE HUNDRED EIGHTY-THREE OF THIS ARTICLE.
  2. APPLICATION OF CREDIT. THE CREDIT UNDER THIS SECTION FOR ANY  TAXA-
BLE  YEAR  SHALL  NOT  REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE
APPLICABLE MINIMUM TAX PRESCRIBED BY  THIS  ARTICLE.  IF,  HOWEVER,  THE
AMOUNT  OF  CREDIT  ALLOWABLE  UNDER  THIS  SECTION FOR ANY TAXABLE YEAR
REDUCES THE TAX TO SUCH AMOUNT, ANY AMOUNT OF CREDIT NOT  DEDUCTIBLE  IN
SUCH  TAXABLE  YEAR  SHALL  BE  TREATED  AS  AN OVERPAYMENT OF TAX TO BE
REFUNDED IN ACCORDANCE WITH  THE  PROVISIONS  OF  SECTION  ONE  THOUSAND
EIGHTY-SIX  OF  THIS  CHAPTER.  PROVIDED,  HOWEVER,  THE  PROVISIONS  OF
SUBSECTION (C) OF SECTION ONE  THOUSAND  EIGHTY-EIGHT  OF  THIS  CHAPTER
NOTWITHSTANDING, NO INTEREST SHALL BE PAID THEREON.
  S  3. Section 210-B of the tax law is amended by adding a new subdivi-
sion 49 to read as follows:
  49. ASBESTOS REMEDIATION CREDIT. (A) ALLOWANCE OF CREDIT.  A  TAXPAYER
WHO HAS UNDERTAKEN A QUALIFIED ASBESTOS PROJECT ON AN EXISTING STRUCTURE
SHALL  BE  ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION TWEN-
TY-THREE-A OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.
  (B) APPLICATION OF CREDIT. THE CREDIT ALLOWED UNDER  THIS  SUBDIVISION
FOR  ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS
THAN THE HIGHER AMOUNT PRESCRIBED IN PARAGRAPH (D) OF SUBDIVISION ONE OF
THIS SECTION. HOWEVER, IF THE  AMOUNT  OF  CREDITS  ALLOWED  UNDER  THIS
SUBDIVISION  FOR  ANY  TAXABLE  YEAR REDUCES THE TAX TO SUCH AMOUNT, ANY
AMOUNT OF CREDIT THUS NOT DEDUCTIBLE  IN  SUCH  TAXABLE  YEAR  SHALL  BE
TREATED  AS  AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN ACCORD-
ANCE WITH THE PROVISIONS OF SECTION  ONE  THOUSAND  EIGHTY-SIX  OF  THIS
CHAPTER.  PROVIDED, HOWEVER, THE PROVISIONS OF SUBSECTION (C) OF SECTION
ONE  THOUSAND  EIGHTY-EIGHT OF THIS CHAPTER NOTWITHSTANDING, NO INTEREST
SHALL BE PAID THEREON.
  S 4. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
of  the  tax  law  is  amended  by  adding a new clause (xli) to read as
follows:

S. 2961                             3

(XLI) ASBESTOS REMEDIATION           AMOUNT OF CREDIT UNDER
CREDIT UNDER SUBSECTION (CCC)        SUBDIVISION FORTY-NINE OF
                                     SECTION TWO HUNDRED TEN-B
  S  5. Section 606 of the tax law is amended by adding a new subsection
(ccc) to read as follows:
  (CCC) ASBESTOS REMEDIATION CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER
WHO HAS UNDERTAKEN A QUALIFIED ASBESTOS PROJECT ON AN EXISTING STRUCTURE
SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN  SECTION  TWEN-
TY-THREE-A OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.
  (2)  APPLICATION  OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF  TAX  TO  BE
CREDITED  OR  REFUNDED  IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO  INTEREST
SHALL BE PAID THEREON.
  S 6. This act shall take effect immediately and shall apply to taxable
years commencing on or after such date.

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The New York State Senate

senate Bill S2961

Sponsored By

Archive: Last Bill Status - In Senate Committee Finance Committee

Your Voice

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Votes

May 4, 2016 - Investigations and Government Operations committee Vote

Investigations and Government Operations Committee Vote: May 4, 2016

May 28, 2015 - floor Vote

Floor Vote: May 28, 2015

May 27, 2015 - Rules committee Vote

Rules Committee Vote: May 27, 2015

Co-Sponsors

S2961 (ACTIVE) - Details

S2961 (ACTIVE) - Summary

S2961 (ACTIVE) - Sponsor Memo

S2961 (ACTIVE) - Bill Text download pdf

Comments

senate Bill S2961

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Sponsored By

Robert G. Ortt

Archive: Last Bill Status - In Senate Committee Finance Committee

Your Voice

Actions

Votes

May 4, 2016 - Investigations and Government Operations committee Vote

Investigations and Government Operations Committee Vote: May 4, 2016

May 28, 2015 - floor Vote

Floor Vote: May 28, 2015

May 27, 2015 - Rules committee Vote

Rules Committee Vote: May 27, 2015

Co-Sponsors

Timothy M. Kennedy

Michael H. Ranzenhofer

S2961 (ACTIVE) - Details

S2961 (ACTIVE) - Summary

S2961 (ACTIVE) - Sponsor Memo

S2961 (ACTIVE) - Bill Text download pdf

Comments