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Senate Bill S3605

2015-2016 Legislative Session

Relates to the eligibility for participation in the brownfield cleanup program; appropriation

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Archive: Last Bill Status - In Senate Committee Finance Committee

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2015-S3605 (ACTIVE) - Details

Current Committee:
Senate Finance
Law Section:
Public Authorities Law
Laws Affected:
Amd Part H §31, Chap 1 of 2003; amd §1285-q, Pub Auth L

2015-S3605 (ACTIVE) - Summary

Relates to the eligibility for participation in the brownfield cleanup program; makes appropriation therefor.

2015-S3605 (ACTIVE) - Sponsor Memo

2015-S3605 (ACTIVE) - Bill Text download pdf 

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

                                  3605

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            February 13, 2015
                               ___________

Introduced  by  Sen.  RANZENHOFER -- read twice and ordered printed, and
  when printed to be committed to the Committee on Finance

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 tax cred-
  its for certain  sites;  to  amend  the  public  authorities  law,  in
  relation  to the superfund program; and making an appropriation there-
  for

  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]
certificate OF COMPLETION required to qualify for any of such credits is
issued after [December 31, 2015] MARCH 31, 2018.
  S 2. Subdivision 3 of section 1285-q of the public authorities law, as
added  by  section  6  of  part  I  of chapter 1 of the laws of 2003, is
amended to read as follows:
  3. The maximum amount of bonds that may be issued for the  purpose  of
financing  hazardous  waste site remediation projects authorized by this
section shall not exceed one billion [two] FIVE hundred million  dollars
and  shall  not  exceed one hundred twenty million dollars for appropri-
ations enacted for any state fiscal year, provided that  the  bonds  not
issued for such appropriations may be issued pursuant to reappropriation

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07432-01-5

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