assembly Bill A6352

2015-2016 Legislative Session

Provides an asbestos remediation tax credit

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly 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 (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 06, 2016 referred to ways and means
Mar 20, 2015 referred to ways and means

Co-Sponsors

A6352 (ACTIVE) - Details

See Senate Version of this Bill:
S2961
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: A5365, S1671
2017-2018: A3334, S689
2019-2020: A6134

A6352 (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.

A6352 (ACTIVE) - Bill Text download pdf

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

                                  6352

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             March 20, 2015
                               ___________

Introduced  by  M. of A. RYAN -- 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.
                                                           LBD02769-01-5