NY State Senate Bill S689

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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 (11)

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 24, 2018	print number 689a
Jan 24, 2018	amend and recommit to investigations and government operations
Jan 03, 2018	referred to investigations and government operations returned to senate died in assembly
Jun 15, 2017	referred to ways and means delivered to assembly passed senate
Jun 14, 2017	ordered to third reading cal.1684 committee discharged and committed to rules
Jan 04, 2017	referred to investigations and government operations

Votes

Bill Amendments

Original

A (Active)

Original

A (Active)

Co-Sponsors

S689 - Details

See Assembly Version of this Bill:: A3334
Current Committee:: Senate Investigations And Government Operations
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
2015-2016: S2961, A6352
2019-2020: A6134

S689 - 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.

S689 - Sponsor Memo

 BILL NUMBER:  S689

 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
S. 2961/A. 6352 Passed Senate in 2016, Moved to Finance in 2017.

 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.

S689 - Bill Text download pdf


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

                                   689

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                             January 4, 2017
                               ___________

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:
  § 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.
                                                           LBD04320-01-7

S. 689                              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).
  § 2. The tax law is amended by adding a new section 187-t to  read  as
follows:
  §  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.
  §  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.
  § 4. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
of  the  tax  law  is  amended by adding a new clause (xliii) to read as
follows:

S. 689                              3

(XLIII) ASBESTOS REMEDIATION         AMOUNT OF CREDIT UNDER
CREDIT UNDER SUBSECTION (CCC)        SUBDIVISION FORTY-NINE OF
                                     SECTION TWO HUNDRED TEN-B
  §  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.
  § 6. This act shall take effect immediately and shall apply to taxable
years commencing on or after such date.

Co-Sponsors

S689A (ACTIVE) - Details

See Assembly Version of this Bill:: A3334
Current Committee:: Senate Investigations And Government Operations
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
2015-2016: S2961, A6352
2019-2020: A6134

S689A (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.

S689A (ACTIVE) - Sponsor Memo

 
BILL NUMBER: S689A

SPONSOR: ORTT
 
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 neigh-
borhoods 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
S2961/A. 6352 Passed Senate in 2016, Moved to Finance in 2017.

 
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.

S689A (ACTIVE) - Bill Text download pdf


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

                                 689--A

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                             January 4, 2017
                               ___________

Introduced by Sens. ORTT, KENNEDY -- read twice and ordered printed, and
  when  printed  to  be committed to the Committee on Investigations and
  Government Operations -- recommitted  to  the  Committee  on  Investi-
  gations  and  Government  Operations in accordance with Senate Rule 6,
  sec. 8 -- 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:
  §  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.

                                                           LBD04320-02-8

S. 689--A                           2

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
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-Q.
  ARTICLE 9-A: SECTION 210-B, SUBDIVISION 53.
  ARTICLE 22: SECTION 606, SUBSECTIONS (I) AND (CCC).
  §  2.  The tax law is amended by adding a new section 187-q to read as
follows:
  § 187-Q. 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.
  § 3. Section 210-B of the tax law is amended by adding a new  subdivi-
sion 53 to read as follows:
  53.  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. 689--A                           3

  §  4. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
of the tax law is amended by adding a  new  clause  (xliv)  to  read  as
follows:

(XLIV) ASBESTOS REMEDIATION          AMOUNT OF CREDIT UNDER
CREDIT UNDER SUBSECTION (CCC)        SUBDIVISION FIFTY-THREE OF
                                     SECTION TWO HUNDRED TEN-B
  §  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.
  § 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 S689

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

Your Voice

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Votes

Jun 15, 2017 - floor Vote

Floor Vote: Jun 15, 2017

Jun 14, 2017 - Rules committee Vote

Rules Committee Vote: Jun 14, 2017

Bill Amendments

Co-Sponsors

S689 - Details

S689 - Summary

S689 - Sponsor Memo

S689 - Bill Text download pdf

Co-Sponsors

S689A (ACTIVE) - Details

S689A (ACTIVE) - Summary

S689A (ACTIVE) - Sponsor Memo

S689A (ACTIVE) - Bill Text download pdf

Comments

senate Bill S689

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Sponsored By

Robert G. Ortt

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

Your Voice

Actions

Votes

Jun 15, 2017 - floor Vote

Floor Vote: Jun 15, 2017

Jun 14, 2017 - Rules committee Vote

Rules Committee Vote: Jun 14, 2017

Bill Amendments

Co-Sponsors

Timothy M. Kennedy

S689 - Details

S689 - Summary

S689 - Sponsor Memo

S689 - Bill Text download pdf

Co-Sponsors

Timothy M. Kennedy

S689A (ACTIVE) - Details

S689A (ACTIVE) - Summary

S689A (ACTIVE) - Sponsor Memo

S689A (ACTIVE) - Bill Text download pdf

Comments