NY State Assembly Bill 2023-A8011

Assembly Bill A8011

2023-2024 Legislative Session

Extends the duration of certain brownfield redevelopment and remediation tax credits for certain sites

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Current 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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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2024	referred to ways and means
Sep 01, 2023	referred to ways and means

co-Sponsors

2023-A8011 (ACTIVE) - Details

See Senate Version of this Bill:: S9449
Current Committee:: Assembly Ways And Means
Law Section:: Taxation

2023-A8011 (ACTIVE) - Summary

Extends the duration of certain brownfield redevelopment and remediation tax credits with respect to a site located within the Renaissance Commerce Park situate within the city of Lackawanna, Erie county.

2023-A8011 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8011
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             September 1, 2023
                                ___________
 
 Introduced by M. of A. RIVERA -- read once and referred to the Committee
   on Ways and Means
 
 AN  ACT  to  extend the duration of certain brownfield redevelopment and
   remediation tax credits for 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 June 23, 2008 with respect to a site  located  within  the
 Renaissance  Commerce  Park  situate within the city of Lackawanna, Erie
 county, (ii) which received a certificate of  completion  on  or  before
 December  31, 2017, and (iii) that has not otherwise had property placed
 in service upon such a site as of the effective date of this act,  shall
 be  an  eligible  site  for purposes of the brownfield redevelopment tax
 credits available to such a site pursuant to section 21 of the  tax  law
 as  in  effect  for  such  a  site  as of the effective date of this act
 provided the site preparation component shall be allowed for all  appli-
 cable  costs incurred on such a site prior to and within the tax year in
 which improvements on such a site are placed in service, and for a seven
 year period following the year property is first placed in service  upon
 such  a  site,  provided, such a date occurs prior to the 2036 tax year,
 the on-site ground water remediation component shall be allowed for  all
 applicable  costs  incurred  on  such a site prior to and within the tax
 year in which improvements on such a site are placed in service, and for
 a seven year period following the  year  property  is  first  placed  in
 service upon such a site, provided, such a date occurs prior to the 2036
 tax  year,  and  the tangible property credit component shall be allowed
 for all applicable costs incurred on such a site prior to and within the
 tax year in which improvements on such a site are placed in service, and
 for a ten year period (120 months) following the year property is  first
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11878-01-3

 A. 8011                             2
 
 placed in service upon such a site, provided such a date occurs prior to
 the 2036 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  June  23, 2008 with respect to a site located within the Renaissance
 Commerce Park situate within the city of Lackawanna, Erie  county,  (ii)
 which  received  a  certificate  of completion on or before December 31,
 2017, and (iii) that has not otherwise had property  placed  in  service
 upon  such a site as of the effective date of this act shall be eligible
 to claim the tax credit for remediated brownfields available to  such  a
 site  pursuant to section 22 of the tax law as in effect for such a site
 as of the effective date of this act  provided  the  benefit  period  as
 applicable  thereto  shall  be  deemed  to be a ten-consecutive-tax-year
 period beginning with the tax year in which improvements on such a  site
 are  placed  in  service  where said benefit period shall begin no later
 than the 2036 tax year.
   (c) Further, any site for which (i)  a  brownfield  cleanup  agreement
 with the department of environmental conservation was entered into prior
 to  June  23, 2008 with respect to a site located within the Renaissance
 Commerce Park situate within the city of Lackawanna, Erie  county,  (ii)
 which  received  a  certificate  of completion on or before December 31,
 2017, and (iii) that has not otherwise had property  placed  in  service
 upon  such  a  site  as  of  the effective date of this act, shall be an
 eligible site for purposes of claiming the  tax  credit  for  remediated
 brownfields  available  to such a site pursuant to section 22 of the tax
 law, provided that such developer as defined under section 22 of the tax
 law has purchased or in any other way  has  been  conveyed  all  or  any
 portion of such a site from any other party who or which has been issued
 a  certificate  of  completion  with  respect  to  such site and further
 provided that such purchase or conveyance occurs no later than the  2036
 tax year.
   § 2. This act shall take effect immediately.

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Assembly Bill A8011

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Sponsored By

RIVERA