The New York State Senate yesterday passed legislation (S6524A) that will provide an asbestos removal tax credit to encourage the cleanup of old, unsafe properties, and spur investment throughout the State.
This legislation offers a tax credit to help defray the costs of clean up and remediation to encourage economic development in cities across New York State, and ensure that the cost of asbestos removal is no longer an obstacle to economic development.
Under terms of the legislation, the credit will cover 20% of costs incurred as a result of asbestos removal, up to $1 million.
Some larger and potentially transformational projects have asbestos remediation costs that are approaching $4-5 million.
Although some projects are smaller, many represent opportunities for significant economic redevelopment and would allow greater reinvestment, especially in our cities. A $1 million cap on claimable credits for asbestos remediation will guide private capital investment into existing infrastructure and assets, and begin to address this real public safety concern and impediment to smart growth redevelopment.