NY State Senate Bill 2023-S9449

Senate Bill S9449

2023-2024 Legislative Session

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

download bill text pdf

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

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 07, 2024	referred to ways and means delivered to assembly passed senate ordered to third reading cal.1916 committee discharged and committed to rules
May 24, 2024	print number 9449a
May 24, 2024	amend (t) and recommit to budget and revenue
May 15, 2024	referred to budget and revenue

Votes

- Jun 7, 2024 - Floor Vote
  S9449
  
  60
  
  Aye
  
  0
  
  Nay
  
  0
  
  Absent
  
  2
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 7, 2024
      
      aye (60)
      
      Addabbo Jr.
      
      Ashby
      
      Bailey
      
      Borrello
      
      Breslin
      
      Brisport
      
      Brouk
      
      Canzoneri-Fitzpatrick
      
      Chu
      
      Cleare
      
      Comrie
      
      Cooney
      
      Fernandez
      
      Gallivan
      
      Gianaris
      
      Gonzalez
      
      Gounardes
      
      Griffo
      
      Harckham
      
      Helming
      
      Hinchey
      
      Hoylman-Sigal
      
      Jackson
      
      Kavanagh
      
      Krueger
      
      Lanza
      
      Liu
      
      Mannion
      
      Martinez
      
      Martins
      
      Mattera
      
      May
      
      Mayer
      
      Murray
      
      Myrie
      
      O'Mara
      
      Oberacker
      
      Ortt
      
      Palumbo
      
      Parker
      
      Persaud
      
      Ramos
      
      Rhoads
      
      Rivera
      
      Rolison
      
      Ryan
      
      Salazar
      
      Sanders Jr.
      
      Scarcella-Spanton
      
      Sepúlveda
      
      Serrano
      
      Skoufis
      
      Stavisky
      
      Stec
      
      Stewart-Cousins
      
      Tedisco
      
      Thomas
      
      Webb
      
      Weber
      
      Weik
      
      excused (2)
      
      Felder
      
      Walczyk
      
      The following Member(s) participated via videoconferencing: Cooney
  Jun 7, 2024 - Rules Committee Vote
  S9449
  
  18
  
  Aye
  
  0
  
  Nay
  
  2
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: Jun 7, 2024
      
      aye (18)
      
      Addabbo Jr.
      
      Bailey
      
      Breslin
      
      Comrie
      
      Fernandez
      
      Gallivan
      
      Gianaris
      
      Krueger
      
      Lanza
      
      Liu
      
      Mayer
      
      O'Mara
      
      Ortt
      
      Parker
      
      Sepúlveda
      
      Stec
      
      Stewart-Cousins
      
      Thomas
      
      aye wr (2)
      
      Griffo
      
      Helming

Bill Amendments

Original

A (Active)

2023-S9449 - Details

Current Committee:: Assembly Ways And Means
Law Section:: Taxation

2023-S9449 - 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-S9449 - Sponsor Memo

                                 
BILL NUMBER: S9449

SPONSOR: RYAN
 
TITLE OF BILL:

An act expanding eligibility to the brownfield redevelopment tax credit
to certain taxpayers

 
PURPOSE:

This bill would extend the duration of the brownfield redevelopment and
remediation tax credits for a site in Lackawanna, Erie County to promote
economic rejuvenation and decontamination.

 
SUMMARY OF PROVISIONS:

Section 1: grants a site in Lackawanna, Erie County with a brownfield
cleanup agreement prior to June 23,. 2008, eligibility for the brown-
field redevelopment and remediation tax credits.

Section 2: establishes the effective date.

 
JUSTIFICATION:

This bill provides a viable path for the economic revitalization of the
City of Lackawanna in Erie County. Formerly an industrial hub, the City
of Lackawanna's economic health has declined with the closure of Bethle-
hem Steel Corporation and the resulting loss of manufacturing jobs.
Decades of industrial activity have contaminated much of the lands
previously owned by the Bethlehem Steel Corporation, making private
sector investment for redevelopment cost prohibitive. The surrounding
area has also been designated as a New York Climate Act Disadvantaged
Community.

Recent infrastructure projects have been burdened with decontamination
costs, pertaining to residual underground foundations and structures,
and COVID-19 disruptions. The extension of certain brownfield redevelop-
ment and remediation tax credits would allow the City of Lackawanna to
attract new business and redevelop a previously unusable property. The
tax credits will also help the City of Lackawanna and New York realize
previous public infrastructure investments in the area.

 
LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2023-S9449 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9449
 
                             I N  S E N A T E
 
                               May 15, 2024
                                ___________
 
 Introduced  by  Sen.  RYAN  --  read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 AN ACT expanding eligibility to the brownfield redevelopment tax  credit
   to certain taxpayers
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Notwithstanding any provision of law to the  contrary,  for
 the  purposes of the site preparation credit component of the brownfield
 redevelopment tax credit pursuant to section 21 of the tax law, as added
 by chapter 1 of the laws of 2003, a taxpayer can claim a  site  prepara-
 tion  credit with respect to a site's qualification for a certificate of
 completion in the taxable year following  the  taxable  year  where  the
 certificate  of  completion  was  issued by the commissioner of environ-
 mental conservation pursuant to section  27-1419  of  the  environmental
 conservation  law,  where  the  taxpayer  did not own the qualified site
 during the taxable year in  which  the  certificate  of  completion  was
 issued,  but  became  the  owner of the qualified site and paid the site
 preparation costs relevant to the credit claim in the taxable year after
 the certificate of completion was issued.
   § 2. This act shall take effect immediately and shall  apply  to  site
 preparation  credit  components  of  brownfield redevelopment tax credit
 claims filed for taxable years beginning on or after January 1, 2014 and
 before January 1, 2023.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06991-03-4

co-Sponsors

2023-S9449A (ACTIVE) - Details

Current Committee:: Assembly Ways And Means
Law Section:: Taxation

2023-S9449A (ACTIVE) - Summary

2023-S9449A (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S9449A

SPONSOR: RYAN
 
TITLE OF BILL:

An act to extend the duration of certain brownfield redevelopment and
remediation tax credits for certain sites

 
PURPOSE:

This bill would extend the duration of the brownfield redevelopment and
remediation tax credits for a site in Lackawanna, Erie County to promote
economic rejuvenation and decontamination.

 
SUMMARY OF PROVISIONS:

Section 1: grants a site in Lackawanna, Erie County with a brownfield
cleanup agreement prior to June 23,. 2008, eligibility for the brown-
field redevelopment and remediation tax credits.

Section 2: establishes the effective date.

 
JUSTIFICATION:

This bill provides a viable path for the economic revitalization of the
City of Lackawanna in Erie County. Formerly an industrial hub, the City
of Lackawanna's economic health has declined with the closure of Bethle-
hem Steel Corporation and the resulting loss of manufacturing jobs.
Decades of industrial activity have contaminated much of the lands
previously owned by the Bethlehem Steel Corporation, making private
sector investment for redevelopment cost prohibitive. The surrounding
area has also been designated as a New York Climate Act Disadvantaged
Community.

Recent infrastructure projects have been burdened with decontamination
costs, pertaining to residual underground foundations and structures,
and COVID-19 disruptions. The extension of certain brownfield redevelop-
ment and remediation tax credits would allow the City of Lackawanna to
attract new business and redevelop a previously unusable property. The
tax credits will also help the City of Lackawanna and New York realize
previous public infrastructure investments in the area.

 
LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2023-S9449A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  9449--A
 
                             I N  S E N A T E
 
                               May 15, 2024
                                ___________
 
 Introduced  by  Sen.  RYAN  --  read twice and ordered printed, and when
   printed to be committed to the Committee  on  Budget  and  Revenue  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee
 
 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.
                                                            LBD06991-04-4

 S. 9449--A                          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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