Assembly Bill A2324

2011-2012 Legislative Session

Relates to the brownfield redevelopment tax credit

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Archive: Last Bill Status - In Assembly 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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2011-A2324 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง21, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A5838
2013-2014: A3618
2015-2016: A816
2017-2018: A1780
2019-2020: A2666
2021-2022: A1892
2023-2024: A3607

2011-A2324 (ACTIVE) - Summary

Relates to the brownfield redevelopment tax credit; provides that in the event that the qualified site is owned by, or was acquired by a taxpayer from, a municipality and such municipality is a volunteer under the brownfield site clean-up agreement with respect to such qualified site, then the amount of the credit shall be reduced; defines "infrastructure work"; makes related amendments.

2011-A2324 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  2324

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            January 18, 2011
                               ___________

Introduced  by M. of A. PRETLOW -- read once and referred to the Commit-
  tee on Ways and Means

AN ACT to amend the tax law, in relation to brownfield redevelopment tax
  credit

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Paragraphs 1, 2, 4, 6 and 7 of subdivision (a) of section
21 of the tax law, as amended by section 1 of part H of chapter  577  of
the laws of 2004, are amended to read as follows:
  (1)  General.  A  taxpayer  subject to tax under article nine, nine-A,
twenty-two, thirty-two or thirty-three of this chapter shall be  allowed
a  credit  against  such  tax,  pursuant to the provisions referenced in
subdivision (f) of this section.  Such  credit  shall  be  allowed  with
respect to a qualified site, as such term is defined in paragraph one of
subdivision  (b)  of this section. The amount of the credit in a taxable
year shall be the sum of the credit components specified  in  paragraphs
two,  three  and  four  of  this  subdivision  applicable  in such year.
NOTWITHSTANDING THE FOREGOING, IN THE EVENT THAT THE QUALIFIED  SITE  IS
OWNED  BY,  OR  WAS ACQUIRED BY A TAXPAYER FROM, A MUNICIPALITY, AS SUCH
TERM IS DEFINED IN SUBDIVISION TWENTY-ONE  OF  SECTION  27-1405  OF  THE
ENVIRONMENTAL  CONSERVATION  LAW,  THE  CREDIT  SHALL  BE REDUCED BY THE
FOLLOWING AMOUNTS TO THE EXTENT THAT THEY WERE INCURRED AFTER  THE  DATE
OF  THE  BROWNFIELD  SITE CLEANUP AGREEMENT EXECUTED BY THE TAXPAYER AND
THE DEPARTMENT OF ENVIRONMENTAL CONSERVATION PURSUANT TO SECTION 27-1409
OF THE ENVIRONMENTAL CONSERVATION LAW (A) THE AMOUNT OF ALL SITE  PREPA-
RATION  COSTS  AND  ON-SITE  GROUNDWATER  REMEDIATION  COSTS  UNDERTAKEN
SPECIFICALLY ON SUCH QUALIFIED SITE BY OR AT THE EXPENSE OF SUCH MUNICI-
PALITY (OR ANY AFFILIATED MUNICIPALITY THEREOF), (B) THE AMOUNT  OF  ALL
COSTS  OF  ALL INFRASTRUCTURE WORK, AS DEFINED BELOW, UNDERTAKEN SPECIF-
ICALLY ON THE QUALIFIED SITE BY OR AT THE EXPENSE OF  SUCH  MUNICIPALITY
(OR ANY AFFILIATED MUNICIPALITY THEREOF) AND (C) THE AMOUNT OF ALL COSTS

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03096-01-1
              

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