NY State Senate Bill 2019-S4636A

Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 08, 2020	referred to budget and revenue
Jun 10, 2019	print number 4636a
Jun 10, 2019	amend and recommit to budget and revenue
Mar 18, 2019	referred to budget and revenue

Bill Amendments

Original

A (Active)

2019-S4636 - Details

Current Committee:: Senate Budget And Revenue
Law Section:: Tax Law
Laws Affected:: Amd §606, Tax L

2019-S4636 - Summary

Provides for a residential asbestos remediation tax credit for the costs of abatement of asbestos contamination in certain residential real property, when such removal is recommended by an asbestos professional.

2019-S4636 - Sponsor Memo

                                
 
BILL NUMBER: S4636

SPONSOR: KENNEDY
 
TITLE OF BILL:  An act to amend the tax law, in relation to providing
a residential asbestos remediation tax credit

 
PURPOSE:  To reduce the burden of remediating asbestos contamination
in owner- occupied residences by providing a tax credit, thereby reduc-
ing the incidence of health-related effects from asbestos exposure.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section one establishes a tax credit for residential asbestos abatement
for the lesser of $10,000 or 30 % of the total cost for any eligible
work performed after January 1st, 2020.

 
JUSTIFICATION:

Asbestos is material that, due to its strength, insulating and fire-re-
sistant properties, saw widespread use in domestic and industrial spaces

throughout the last century. Asbestos in the home can be found in
drywall, plaster, vinyl tiling, roofing shingles, and many forms of
insulation. Homeowners of old homes may be unaware that their residence
contains asbestos until they discover it during repair or renovation.

Exposure to asbestos can lead to a number of fatal diseases, including
pulmonary fibrosis and mesothelioma. Asbestos is a particularly perni-
cious substance because development of symptoms can sometimes take 20 to
30 years after exposure. Asbestos exposure causes over half of all occu-
pational cancers in the United States. According to the United States
Department of Health and Human Services, there is no safe level of expo-
sure to asbestos.

The cost of asbestos abatement is unduly burdensome for the average
homeowner. Costs for residential abatement can run $20,000 to $30,000
for the average single-family home, practically out of reach for many
homeowners. By law, the work must be performed by a contractor licensed
by the state to work with asbestos, further increasing the cost. This
credit goes a far way to helping to cover the cost of abatement, spur-
ring participation in the remediation of asbestos contamination and
preventing long-term health impacts on our community.

 
LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect on the one hundred eightieth day after it
shall have become a law.

2019-S4636 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4636
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                              March 18, 2019
                                ___________
 
 Introduced  by  Sen. KENNEDY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 AN ACT to amend the tax law, in  relation  to  providing  a  residential
   asbestos remediation tax credit
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
 subsection (jjj) to read as follows:
   (JJJ)  RESIDENTIAL  ASBESTOS  AND ABATEMENT TAX CREDIT. (1) GENERAL. A
 QUALIFIED TAXPAYER SHALL BE ALLOWED A CREDIT FOR TAXABLE YEARS BEGINNING
 ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY AGAINST THE  TAX  IMPOSED
 BY  THIS ARTICLE FOR THE COSTS OF ABATEMENT OF ASBESTOS CONTAMINATION IN
 AN OWNER OCCUPIED DOMICILE, WHEN  SUCH  REMOVAL  IS  RECOMMENDED  BY  AN
 ASBESTOS  PROFESSIONAL  CERTIFIED OR LICENSED PURSUANT TO ARTICLE THIRTY
 OF THE LABOR LAW.
   (2) CREDIT LIMITATION. THE AMOUNT OF THE CREDIT SHALL BE THE LESSER OF
 TEN THOUSAND DOLLARS OR THIRTY PERCENT OF THE TOTAL COST.
   (3) ASBESTOS ABATEMENT COSTS. THE TERM "COSTS OF  ABATEMENT"  INCLUDES
 THE COST OF AN INSPECTION OR ASSESSMENT FROM A CERTIFIED SPECIALIST, ANY
 INITIAL  APPRAISALS  OF ASBESTOS, MUNICIPAL OR OTHERWISE, LABOR COSTS OF
 REMOVAL, ANY DISPOSAL FEES, AND ANY CLEANUP FEES; EXCEPT  ANY  STATE  OR
 LOCAL SALES TAX APPLICABLE TO THE SERVICES PERFORMED.
   (4)  AMOUNT  OF  CREDIT.  THE  AGGREGATE AMOUNT OF TAX CREDITS ALLOWED
 UNDER THIS SUBSECTION IN ANY CALENDAR YEAR STATEWIDE  SHALL  BE  TWENTY-
 FIVE MILLION DOLLARS.
   (5)  REMOVAL  AND  ABATEMENT FOR QUALIFIED TAXPAYERS. A PROPERTY OWNER
 WHO INCURS COSTS  FOR  REMOVING  OR  REMEDIATING  ASBESTOS  AS  IN  THIS
 SECTION, ONLY APPLIES TO AN OWNER-OCCUPIED DOMICILE WHICH IS:
   (A) LOCATED IN THIS STATE;
   (B) OWNED BY THE TAXPAYER;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10047-02-9

 S. 4636                             2
 
   (C)  USED BY THE TAXPAYER AS HIS OR HER PRINCIPAL RESIDENCE, SECONDARY
 RESIDENCE, OR RENTAL PROPERTY; AND
   (D) IS LOCATED IN A CITY OR MUNICIPALITY WITH ONE MILLION RESIDENTS OR
 LESS.
   (6)  WHEN  CREDIT  ALLOWED. THE CREDIT PROVIDED FOR IN THIS SUBSECTION
 SHALL BE ALLOWED WITH RESPECT TO  THE  TAXABLE  YEAR,  COMMENCING  AFTER
 JANUARY  FIRST  AFTER ITS PASSAGE IN WHICH THE REMOVAL WORK IS COMPLETED
 AND PAID FOR.
   (7) CARRYOVER OF CREDIT. IF THE AMOUNT OF THE CREDIT,  AND  CARRYOVERS
 OF  SUCH  CREDIT,  ALLOWABLE  UNDER THIS SUBSECTION FOR ANY TAXABLE YEAR
 SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, SUCH EXCESS AMOUNT MAY BE
 CARRIED OVER TO THE FIVE TAXABLE YEARS NEXT FOLLOWING THE  TAXABLE  YEAR
 WITH RESPECT TO WHICH THE CREDIT IS ALLOWED AND MAY BE DEDUCTED FROM THE
 TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
   (8)  ALLOCATION  OF  CREDIT.  THE  COMMISSIONER SHALL PROMULGATE REGU-
 LATIONS BY JANUARY FIRST, TWO THOUSAND TWENTY  TO  ESTABLISH  PROCEDURES
 FOR  THE  ALLOCATION  OF TAX CREDITS ALLOWED UNDER THIS SUBSECTION. SUCH
 RULES AND REGULATIONS SHALL INCLUDE PROVISIONS DESCRIBING  THE  APPLICA-
 TION PROCESS FOR THE CREDIT ALLOWED UNDER THIS SUBSECTION, THE DUE DATES
 FOR SUCH APPLICATIONS, THE STANDARDS WHICH SHALL BE USED TO EVALUATE THE
 APPLICATIONS,  THE  DOCUMENTATION  THAT WILL BE PROVIDED TO TAXPAYERS TO
 SUBSTANTIATE TO THE DEPARTMENT THE AMOUNT OF TAX  CREDITS  ALLOCATED  TO
 SUCH TAXPAYERS, AND SUCH OTHER PROVISIONS AS DEEMED NECESSARY AND APPRO-
 PRIATE.  NOTWITHSTANDING  ANY  OTHER  PROVISIONS  TO THE CONTRARY IN THE
 STATE ADMINISTRATIVE PROCEDURE ACT, SUCH RULES AND  REGULATIONS  MAY  BE
 ADOPTED  ON  AN EMERGENCY BASIS IF NECESSARY TO MEET SUCH JANUARY FIRST,
 TWO THOUSAND TWENTY DEADLINE.
   § 2. This act shall take effect on the one hundred eightieth day after
 it shall have become a law. Effective immediately, the addition,  amend-
 ment and/or repeal of any rule or regulation necessary for the implemen-
 tation  of this act on its effective date are authorized and directed to
 be made and completed on or before such effective date.

2019-S4636A (ACTIVE) - Details

Current Committee:: Senate Budget And Revenue
Law Section:: Tax Law
Laws Affected:: Amd §606, Tax L

2019-S4636A (ACTIVE) - Summary

2019-S4636A (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S4636A

SPONSOR: KENNEDY
 
TITLE OF BILL:  An act to amend the tax law, in relation to providing
a residential asbestos remediation tax credit

 
PURPOSE:

To reduce the burden of remediating asbestos contamination in owner-oc-
cupied residences by providing a tax credit, thereby reducing the inci-
dence of health-related effects from asbestos exposure.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section one establishes that section 606 of the tax law is amended by
adding a new subsection (kkk) which establishes a tax credit for resi-
dential asbestos abatement for the lesser of $10,000 or 30 % of the
total cost for any eligible work performed after January 1st, 2020.

Section two establishes the effective date.

 
JUSTIFICATION:

Asbestos is material that, due to its strength, insulating and fire-re-
sistant properties, saw widespread use in domestic and industrial spaces
throughout the last century. Asbestos in the home can be found in
drywall, plaster, vinyl tiling, roofing shingles, and many forms of
insulation. Homeowners of old homes may be unaware that their residence
contains asbestos until they discover it during repair or renovation.

Exposure to asbestos can lead to a number of fatal diseases, including
pulmonary fibrosis and mesothelioma. Asbestos is a particularly perni-
cious substance because development of symptoms can sometimes take 20 to
30 years after exposure. Asbestos exposure causes over half of all occu-
pational cancers in the United States. According to the United States
Department of Health and Human Services, there is no safe level of expo-
sure to asbestos.

The cost of asbestos abatement is unduly burdensome for the average
homeowner. Costs for residential abatement can run $20,000 to $30,000
for the average single-family home, practically out of reach for many
homeowners. By law, the work must be performed by a contractor licensed
by the state to work with asbestos, further increasing the cost. This
credit goes a far way to helping to cover the cost of abatement, spur-
ring participation in the remediation of asbestos contamination and
preventing long-term health impacts on our community.

 
LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect on the one hundred eightieth day after it
shall have become a law and shall apply to taxable years beginning on or
after January 1,2020.

2019-S4636A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4636--A
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                              March 18, 2019
                                ___________
 
 Introduced  by  Sen. KENNEDY -- read twice and ordered printed, and when
   printed to be committed to the Committee  on  Budget  and  Revenue  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee
 
 AN ACT to amend the tax law, in  relation  to  providing  a  residential
   asbestos remediation tax credit

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
 subsection (kkk) to read as follows:
   (KKK)  RESIDENTIAL  ASBESTOS  AND ABATEMENT TAX CREDIT. (1) GENERAL. A
 QUALIFIED TAXPAYER SHALL BE ALLOWED A CREDIT FOR TAXABLE YEARS BEGINNING
 ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY AGAINST THE  TAX  IMPOSED
 BY  THIS ARTICLE FOR THE COSTS OF ABATEMENT OF ASBESTOS CONTAMINATION IN
 CERTAIN RESIDENTIAL REAL PROPERTY, WHEN SUCH REMOVAL IS  RECOMMENDED  BY
 AN ASBESTOS PROFESSIONAL CERTIFIED OR LICENSED PURSUANT TO ARTICLE THIR-
 TY OF THE LABOR LAW.
   (2) CREDIT LIMITATION. THE AMOUNT OF THE CREDIT SHALL BE THE LESSER OF
 TEN THOUSAND DOLLARS OR THIRTY PERCENT OF THE TOTAL COST.
   (3)  ASBESTOS  ABATEMENT COSTS. THE TERM "COSTS OF ABATEMENT" INCLUDES
 THE COST OF AN INSPECTION OR ASSESSMENT FROM A CERTIFIED SPECIALIST, ANY
 INITIAL APPRAISALS OF ASBESTOS, MUNICIPAL OR OTHERWISE, LABOR  COSTS  OF
 REMOVAL,  ANY  DISPOSAL  FEES, AND ANY CLEANUP FEES; EXCEPT ANY STATE OR
 LOCAL SALES TAX APPLICABLE TO THE SERVICES PERFORMED.
   (4) REMOVAL AND ABATEMENT FOR QUALIFIED TAXPAYERS.  A  PROPERTY  OWNER
 WHO  INCURS  COSTS  FOR  REMOVING  OR  REMEDIATING  ASBESTOS  AS IN THIS
 SECTION, ONLY APPLIES TO CERTAIN RESIDENTIAL REAL PROPERTY WHICH IS:
   (A) LOCATED IN THIS STATE;
   (B) OWNED BY THE TAXPAYER;
   (C) USED BY THE TAXPAYER AS HIS OR HER PRINCIPAL RESIDENCE,  SECONDARY
 RESIDENCE, OR RENTAL PROPERTY; AND
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD10047-03-9

 S. 4636--A                          2
 
   (D) IS LOCATED IN A CITY OR MUNICIPALITY WITH ONE MILLION RESIDENTS OR
 LESS.
   (5)  WHEN  CREDIT  ALLOWED. THE CREDIT PROVIDED FOR IN THIS SUBSECTION
 SHALL BE ALLOWED WITH RESPECT TO THE TAXABLE YEAR IN WHICH  THE  REMOVAL
 WORK IS COMPLETED AND PAID FOR.
   (6)  CARRYOVER  OF CREDIT. IF THE AMOUNT OF THE CREDIT, AND CARRYOVERS
 OF SUCH CREDIT, ALLOWABLE UNDER THIS SUBSECTION  FOR  ANY  TAXABLE  YEAR
 SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, SUCH EXCESS AMOUNT MAY BE
 CARRIED  OVER  TO THE FIVE TAXABLE YEARS NEXT FOLLOWING THE TAXABLE YEAR
 WITH RESPECT TO WHICH THE CREDIT IS ALLOWED AND MAY BE DEDUCTED FROM THE
 TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
   (7) ALLOCATION OF CREDIT. THE COMMISSIONER, IN CONSULTATION  WITH  THE
 COMMISSIONER  OF  THE DEPARTMENT OF HEALTH, SHALL PROMULGATE REGULATIONS
 BY JANUARY FIRST, TWO THOUSAND TWENTY TO ESTABLISH  PROCEDURES  FOR  THE
 ALLOCATION  OF TAX CREDITS ALLOWED UNDER THIS SUBSECTION. SUCH RULES AND
 REGULATIONS SHALL INCLUDE PROVISIONS DESCRIBING THE APPLICATION  PROCESS
 FOR  THE  CREDIT  ALLOWED  UNDER THIS SUBSECTION, THE DUE DATES FOR SUCH
 APPLICATIONS, THE STANDARDS WHICH SHALL BE USED TO EVALUATE THE APPLICA-
 TIONS, THE DOCUMENTATION THAT WILL BE PROVIDED TO TAXPAYERS TO  SUBSTAN-
 TIATE  TO  THE  DEPARTMENT  THE  AMOUNT OF TAX CREDITS ALLOCATED TO SUCH
 TAXPAYERS, AND SUCH OTHER PROVISIONS AS DEEMED NECESSARY  AND  APPROPRI-
 ATE.  NOTWITHSTANDING  ANY OTHER PROVISIONS TO THE CONTRARY IN THE STATE
 ADMINISTRATIVE PROCEDURE ACT, SUCH RULES AND REGULATIONS MAY BE  ADOPTED
 ON AN EMERGENCY BASIS IF NECESSARY TO MEET SUCH JANUARY FIRST, TWO THOU-
 SAND  TWENTY DEADLINE. THE AGGREGATE AMOUNT OF TAX CREDITS ALLOWED UNDER
 THIS SUBSECTION  IN  ANY  TAXABLE  YEAR  SHALL  BE  TWENTY-FIVE  MILLION
 DOLLARS.  SUCH  AGGREGATE  AMOUNT  OF  CREDITS  SHALL BE ALLOCATED AMONG
 TAXPAYERS IN ORDER OF PRIORITY BASED UPON THE DATE OF FILING AN APPLICA-
 TION FOR THE CREDIT. IF THE TOTAL AMOUNT OF  ALLOCATED  CREDITS  APPLIED
 FOR  IN  ANY PARTICULAR YEAR EXCEEDS THE AGGREGATE AMOUNT OF TAX CREDITS
 ALLOWED FOR SUCH YEAR UNDER THIS SECTION, SUCH EXCESS SHALL  BE  TREATED
 AS HAVING BEEN APPLIED FOR ON THE FIRST DAY OF THE SUBSEQUENT YEAR.
   (8)  CREDIT  RECAPTURE.  FOR PROVISIONS REQUIRING RECAPTURE OF CREDIT,
 SEE SECTION FORTY-FOUR OF THIS CHAPTER.
   § 2. This act shall take effect on the one hundred eightieth day after
 it shall have become a law and shall apply to taxable years beginning on
 or after January 1, 2020.  Effective immediately, the  addition,  amend-
 ment and/or repeal of any rule or regulation necessary for the implemen-
 tation  of  this act on its effective date are authorized to be made and
 completed on or before such effective date.

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Senate Bill S4636A

Sponsored By

Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee

Actions

Bill Amendments

2019-S4636 - Details

2019-S4636 - Summary

2019-S4636 - Sponsor Memo

2019-S4636 - Bill Text download pdf

2019-S4636A (ACTIVE) - Details

2019-S4636A (ACTIVE) - Summary

2019-S4636A (ACTIVE) - Sponsor Memo

2019-S4636A (ACTIVE) - Bill Text download pdf

Comments

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Sponsored By

Timothy M. Kennedy

Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee

Actions

Bill Amendments

2019-S4636 - Details

2019-S4636 - Summary

2019-S4636 - Sponsor Memo

2019-S4636 - Bill Text download pdf

2019-S4636A (ACTIVE) - Details

2019-S4636A (ACTIVE) - Summary

2019-S4636A (ACTIVE) - Sponsor Memo

2019-S4636A (ACTIVE) - Bill Text download pdf

Comments