Assembly Bill A816

2015-2016 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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2015-A816 (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
2011-2012: A2324
2013-2014: A3618
2017-2018: A1780
2019-2020: A2666
2021-2022: A1892
2023-2024: A3607

2015-A816 (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.

2015-A816 (ACTIVE) - Bill Text download pdf

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

                                   816

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             January 7, 2015
                               ___________

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,  paragraph  1 as amended by section 39 of part A of
chapter 59 of the laws of 2014, are amended to read as follows:
  (1) General. A taxpayer subject to tax  under  article  nine,  nine-A,
twenty-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 CONSERVA-
TION  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 ENVI-
RONMENTAL CONSERVATION PURSUANT TO SECTION 27-1409 OF THE  ENVIRONMENTAL
CONSERVATION  LAW  (A)  THE  AMOUNT  OF  ALL  SITE PREPARATION COSTS AND
ON-SITE GROUNDWATER REMEDIATION COSTS UNDERTAKEN  SPECIFICALLY  ON  SUCH
QUALIFIED  SITE BY OR AT THE EXPENSE OF SUCH MUNICIPALITY (OR ANY AFFIL-
IATED MUNICIPALITY THEREOF), (B) THE AMOUNT OF ALL COSTS OF ALL  INFRAS-
TRUCTURE  WORK,  AS DEFINED BELOW, UNDERTAKEN SPECIFICALLY ON THE QUALI-
FIED SITE BY OR AT THE EXPENSE OF SUCH MUNICIPALITY (OR  ANY  AFFILIATED

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05389-01-5
              

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