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Assembly Bill A11396

2025-2026 Legislative Session

Extends the tax credits under the economic transformation and facility redevelopment program

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Current Bill Status - In Assembly Committee

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2025-A11396 (ACTIVE) - Details

Current Committee:
Assembly Real Property Taxation
Law Section:
Economic Development Law
Laws Affected:
Amd Part V §12, Chap 61 of 2011; amd §400, Ec Dev L

2025-A11396 (ACTIVE) - Summary

Extends the tax credits under the economic transformation and facility redevelopment program until 2031.

2025-A11396 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   11396
 
                           I N  A S S E M B L Y
 
                               May 15, 2026
                                ___________
 
 Introduced by COMMITTEE ON RULES -- (at request of M. of A. Williams) --
   read once and referred to the Committee on Real Property Taxation
 
 AN  ACT  to  amend  chapter 61 of the laws of 2011 amending the economic
   development law, the tax law and the real property tax law relating to
   establishing the economic transformation  and  facility  redevelopment
   program  and  providing  tax benefits under that program; and to amend
   the economic development law, in relation to extending the tax credits
   under the economic transformation and facility redevelopment program
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  12  of part V of chapter 61 of the laws of 2011,
 amending the economic development law, the tax law and the real property
 tax law relating to establishing the economic transformation and facili-
 ty redevelopment program and providing tax benefits under that  program,
 as amended by section 1 of part JJ of chapter 59 of the laws of 2021, is
 amended to read as follows:
   §  12.  This act shall take effect immediately and shall expire and be
 deemed repealed December 31, [2026] 2031.
   § 2. Paragraph (a) of subdivision 11 of section 400  of  the  economic
 development law, as amended by section 2 of part JJ of chapter 59 of the
 laws of 2021, is amended to read as follows:
   (a)  a  correctional facility, as defined in paragraph (a) of subdivi-
 sion four of section two of the correction law, that has  been  selected
 by  the governor of the state of New York for closure after April first,
 two thousand eleven but no later than March thirty-first,  two  thousand
 [twenty-six] THIRTY-ONE; or
   §  3.  This act shall take effect immediately; provided, however, that
 the amendments to section 400 of the economic development  law  made  by
 section  two of this act shall not affect the repeal of such section and
 shall be deemed repealed therewith.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15923-01-6

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