| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| May 06, 2024 |
recommit, enacting clause stricken |
| Jan 03, 2024 |
referred to budget and revenue |
| Mar 08, 2023 |
print number 2350a |
| Mar 08, 2023 |
amend and recommit to budget and revenue |
| Jan 20, 2023 |
referred to budget and revenue |
Senate Bill S2350
2023-2024 Legislative Session
Sponsored By
(D, WF) Senate District
Archive: Last Bill Status - Stricken
Actions
Bill Amendments
2023-S2350 - Details
- Law Section:
- Taxation
2023-S2350 - Sponsor Memo
BILL NUMBER: S2350
SPONSOR: KENNEDY
TITLE OF BILL:
An act expanding eligibility to the brownfield redevelopment tax credit
to certain taxpayers
PURPOSE OR GENERAL IDEA OF BILL:
This bill would allow a taxpayer to claim site preparation credit where
the taxpayer did not own the qualified site during the taxable year in
which the certificate of completion was issued, but became owner of the
site and paid the site preparation costs after the certificate of
completion was issued.
SUMMARY OF SPECIFIC PROVISIONS:
Section one allows a taxpayer to claim a site preparation credit for the
brownfield redevelopment tax credit in rare occasions where a taxpayer
purchases a qualified site in which the certificate of completion was
issued under a prior owner in the previous taxable year but the site
2023-S2350 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
2350
2023-2024 Regular Sessions
I N S E N A T E
January 20, 2023
___________
Introduced by Sen. KENNEDY -- read twice and ordered printed, and when
printed to be committed to the Committee on Budget and Revenue
AN ACT expanding eligibility to the brownfield redevelopment tax credit
to certain taxpayers
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Notwithstanding any provision of law to the contrary, for
the purposes of the brownfield redevelopment tax credit pursuant to
section 21 of the tax law, as added by chapter 1 of the laws of 2003, in
the event that a qualified site, as defined in such section, is owned
by, or was acquired by a taxpayer from a separate taxpayer to whom a
certificate of completion was issued by the commissioner of environ-
mental conservation pursuant to section 27-1419 of the environmental
conservation law, such owning or acquiring taxpayer shall be eligible
for such credit to the extent that such owning or acquiring taxpayer
paid for eligible site preparation costs and on-site groundwater remedi-
ation costs as such terms are defined in subdivision (b) of section 21
of the tax law, as added by chapter 1 of the laws of 2003.
§ 2. The provisions of section one of this act shall be deemed retro-
active, and the commissioner of taxation and finance shall promulgate
any rules or regulations necessary for the implementation of this act.
§ 3. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06991-01-3
2023-S2350A (ACTIVE) - Details
- Law Section:
- Taxation
2023-S2350A (ACTIVE) - Sponsor Memo
BILL NUMBER: S2350A
SPONSOR: KENNEDY
TITLE OF BILL:
An act expanding eligibility to the brownfield redevelopment tax credit
to certain taxpayers
PURPOSE OR GENERAL IDEA OF BILL:
This bill would allow a taxpayer to claim site preparation credit where
the taxpayer did not own the qualified site during the taxable year in
which the certificate of completion was issued, but became owner of the
site and paid the site preparation costs after the certificate of
completion was issued.
SUMMARY OF SPECIFIC PROVISIONS:
Section one allows a taxpayer to claim a site preparation credit for the
brownfield redevelopment tax credit in rare occasions where a taxpayer
purchases a qualified site in which the certificate of completion was
issued under a prior owner in the previous taxable year but the site
2023-S2350A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
2350--A
2023-2024 Regular Sessions
I N S E N A T E
January 20, 2023
___________
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 expanding eligibility to the brownfield redevelopment tax credit
to certain taxpayers
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Notwithstanding any provision of law to the contrary, for
the purposes of the site preparation credit component of the brownfield
redevelopment tax credit pursuant to section 21 of the tax law, as added
by chapter 1 of the laws of 2003, a taxpayer can claim a site prepara-
tion credit with respect to a site's qualification for a certificate of
completion in the taxable year following the taxable year where the
certificate of completion was issued by the commissioner of environ-
mental conservation pursuant to section 27-1419 of the environmental
conservation law, where the taxpayer did not own the qualified site
during the taxable year in which the certificate of completion was
issued, but became the owner of the qualified site and paid the site
preparation costs relevant to the credit claim in the taxable year after
the certificate of completion was issued.
§ 2. This act shall take effect immediately and shall apply to site
preparation credit components of brownfield redevelopment tax credit
claims filed for taxable years beginning on or after January 1, 2014 and
before January 1, 2023.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06991-02-3
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