Assembly Bill A3607

2023-2024 Legislative Session

Relates to the brownfield redevelopment tax credit

download bill text pdf

Sponsored By

Current Bill Status - In Assembly 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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2023-A3607 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §21, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A5838
2011-2012: A2324
2013-2014: A3618
2015-2016: A816
2017-2018: A1780
2019-2020: A2666
2021-2022: A1892

2023-A3607 (ACTIVE) - Summary

Relates to the brownfield redevelopment tax credit; provides that in the event that the qualified site is owned by, or was acquired by a taxpayer from, a municipality and such municipality is a volunteer under the brownfield site clean-up agreement with respect to such qualified site, then the amount of the credit shall be reduced; defines "infrastructure work"; makes related amendments.

2023-A3607 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3607
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 3, 2023
                                ___________
 
 Introduced  by M. of A. PRETLOW -- read once and referred to the Commit-
   tee on Ways and Means
 
 AN ACT to amend the tax law, in relation to brownfield redevelopment tax
   credit
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Paragraphs 1, 2, 4, 6 and 7 of subdivision (a) of section
 21 of the tax law, paragraph 1 as amended by section 39  of  part  A  of
 chapter 59 of the laws of 2014, paragraph 2 as amended by section 4  and
 paragraph 4 as amended by section 5 of part LL of chapter 58 of the laws
 of  2022  and  paragraphs  6  and 7 as amended by section 1 of part H of
 chapter 577 of the laws of 2004, are amended to read as follows:
   (1) General. A taxpayer subject to tax  under  article  nine,  nine-A,
 twenty-two  or  thirty-three  of  this chapter shall be allowed a credit
 against such tax, pursuant to the provisions referenced  in  subdivision
 (f)  of  this  section.  Such  credit shall be allowed with respect to a
 qualified site, as such term is defined in paragraph one of  subdivision
 (b) of this section. The amount of the credit in a taxable year shall be
 the  sum of the credit components specified in paragraphs two, three and
 four of this subdivision applicable in such year.   NOTWITHSTANDING  THE
 FOREGOING,  IN  THE  EVENT  THAT  THE QUALIFIED SITE IS OWNED BY, OR WAS
 ACQUIRED BY A TAXPAYER FROM, A MUNICIPALITY, AS SUCH TERM IS DEFINED  IN
 SUBDIVISION TWENTY-ONE OF SECTION 27-1405 OF THE ENVIRONMENTAL CONSERVA-
 TION  LAW,  THE  CREDIT SHALL BE REDUCED BY THE FOLLOWING AMOUNTS TO THE
 EXTENT THAT THEY WERE INCURRED AFTER THE DATE  OF  THE  BROWNFIELD  SITE
 CLEANUP  AGREEMENT  EXECUTED BY THE TAXPAYER AND THE DEPARTMENT OF ENVI-
 RONMENTAL CONSERVATION PURSUANT TO SECTION 27-1409 OF THE  ENVIRONMENTAL
 CONSERVATION  LAW  (A)  THE  AMOUNT  OF  ALL  SITE PREPARATION COSTS AND
 ON-SITE GROUNDWATER REMEDIATION COSTS UNDERTAKEN  SPECIFICALLY  ON  SUCH
 QUALIFIED  SITE BY OR AT THE EXPENSE OF SUCH MUNICIPALITY (OR ANY AFFIL-
 IATED MUNICIPALITY THEREOF), (B) THE AMOUNT OF ALL COSTS OF ALL  INFRAS-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08373-01-3
              

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