Senate Bill S5783

2023-2024 Legislative Session

Relates to providing an asbestos remediation tax credit

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Investigations And Government Operations 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-S5783 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Add §§23-a & 187-r, amd §§210-B & 606, Tax L

2023-S5783 (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.

2023-S5783 (ACTIVE) - Sponsor Memo

2023-S5783 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5783
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              March 16, 2023
                                ___________
 
 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.
                                                            LBD10262-01-3
 S. 5783                             2
              

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