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Senate Bill S10578

2025-2026 Legislative Session

Extends the duration of certain brownfield redevelopment and remediation tax credits

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Current Bill Status - In Senate Committee Investigations And Government Operations Committee

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2025-S10578 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
New York City

2025-S10578 (ACTIVE) - Summary

Extends the duration of certain brownfield redevelopment and remediation tax credits with respect to a site located at 1800 Park Avenue.

2025-S10578 (ACTIVE) - Sponsor Memo

2025-S10578 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10578
 
                             I N  S E N A T E
 
                               May 26, 2026
                                ___________
 
 Introduced  by  Sen.  CLEARE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Investigations and Govern-
   ment Operations
 
 AN ACT to extend the duration of certain  brownfield  redevelopment  and
   remediation tax credits with respect to certain sites
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1.  (a) Notwithstanding any provision of law,  rule  or  regu-
 lation  to  the  contrary,  any  site for which (i) a brownfield cleanup
 agreement with the department of environmental conservation was  entered
 into  prior  to  January 21, 2005 with respect to a site located at 1800
 Park Avenue, between East 124th and East 125th Streets in  East  Harlem,
 New  York County, and (ii) which received a certificate of completion on
 or before October 24, 2016, shall be a qualified site  for  purposes  of
 the brownfield redevelopment tax credits available to such a site pursu-
 ant  to section 21 of the tax law as in effect for such a site as of the
 effective date of this act provided that both the site preparation cred-
 it component and the on-site groundwater  remediation  credit  component
 shall be allowed for all eligible costs incurred on such a site prior to
 and  within  the tax year in which qualified tangible property on such a
 site is placed in service, and  for  a  five  year  period  (60  months)
 following  the year such property is first placed in service upon such a
 site, provided, such a date occurs prior to the 2031 tax year,  and  the
 tangible  property  credit  component  shall be allowed for all eligible
 costs incurred on such a site prior to and within the tax year in  which
 qualified tangible property on such a site is placed in service, and for
 a ten year period (120 months) following the year such property is first
 placed in service upon such a site, provided such a date occurs prior to
 the 2031 tax year.
   (b) In addition, any site for which (i) a brownfield cleanup agreement
 with the department of environmental conservation was entered into prior
 to  January 21, 2005 with respect to a site located at 1800 Park Avenue,
 between East 124th and East 125th Streets in East Harlem, New York Coun-
 ty, and (ii) which received a certificate of  completion  on  or  before
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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