Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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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 |
senate Bill S689
Sponsored By
Robert G. Ortt
(R, C, IP) 62nd Senate District
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
Your Voice
Actions
Votes
Bill Amendments
Co-Sponsors
Timothy M. Kennedy
(D, WF) 63rd Senate District
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 - 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.
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
Co-Sponsors
Timothy M. Kennedy
(D, WF) 63rd Senate District
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) - 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
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.
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