Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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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 |
senate Bill S2961
Sponsored By
Robert G. Ortt
(R, C, IP) 62nd Senate District
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
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Co-Sponsors
Timothy M. Kennedy
(D, WF) 63rd Senate District
Michael H. Ranzenhofer
(R, C, IP) 0 Senate District
S2961 (ACTIVE) - Details
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:
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
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