STATE OF NEW YORK
________________________________________________________________________
10135
IN ASSEMBLY
June 16, 2014
___________
Introduced by COMMITTEE ON RULES -- (at request of M. of A. Sweeney) --
read once and referred to the Committee on Ways and Means
AN ACT to amend part H of chapter 1 of the laws of 2003, amending the
tax law relating to brownfield redevelopment tax credits, remediated
brownfield credit for real property taxes for qualified sites and
environmental remediation insurance credits, in relation to tax cred-
its for certain sites; to amend the public authorities law, in
relation to the superfund program; and making an appropriation there-
for
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 31 of part H of chapter 1 of the laws of 2003,
2 amending the tax law relating to brownfield redevelopment tax credits,
3 remediated brownfield credit for real property taxes for qualified sites
4 and environmental remediation insurance credits, as amended by chapter
5 474 of the laws of 2012, is amended to read as follows:
6 § 31. The tax credits allowed under section 21, 22 or 23 of the tax
7 law and the corresponding provisions in articles 9, 9-A, 22, 32 and 33
8 of the tax law, as added by the provisions of sections one through twen-
9 ty-nine of this act, shall not be applicable if the [remediation]
10 certificate of completion required to qualify for any of such credits is
11 issued after [December 31, 2015] March 31, 2017.
12 § 2. Subdivision 3 of section 1285-q of the public authorities law, as
13 added by section 6 of part I of chapter 1 of the laws of 2003, is
14 amended to read as follows:
15 3. The maximum amount of bonds that may be issued for the purpose of
16 financing hazardous waste site remediation projects authorized by this
17 section shall not exceed one billion [two] five hundred million dollars
18 and shall not exceed one hundred twenty million dollars for appropri-
19 ations enacted for any state fiscal year, provided that the bonds not
20 issued for such appropriations may be issued pursuant to reappropriation
21 in subsequent fiscal years. No bonds shall be issued for the repayment
22 of any new appropriation enacted after March thirty-first, two thousand
23 [thirteen] seventeen for hazardous waste site remediation projects
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15509-05-4
A. 10135 2
1 authorized by this section. Amounts authorized to be issued by this
2 section shall be exclusive of bonds issued to fund any debt service
3 reserve funds, pay costs of issuance of such bonds, and bonds or notes
4 issued to refund or otherwise repay bonds or notes previously issued.
5 Such bonds and notes of the corporation shall not be a debt of the
6 state, and the state shall not be liable thereon, nor shall they be
7 payable out of any funds other than those appropriated by this state to
8 the corporation for debt service and related expenses pursuant to any
9 service contracts executed pursuant to subdivision one of this section,
10 and such bonds and notes shall contain on the face thereof a statement
11 to such effect.
12 § 3. The sum of one hundred million dollars ($100,000,000) is hereby
13 appropriated to the department of environmental conservation out of any
14 moneys in the state treasury in the capital fund to the credit of the
15 hazardous waste cleanup account, not otherwise appropriated, and made
16 immediately available, for the purpose of carrying out the provisions of
17 this act. Such moneys shall be payable on the audit and warrant of the
18 comptroller on vouchers certified or approved by the commissioner of
19 environmental conservation in the manner prescribed by law.
20 § 4. This act shall take effect immediately provided that section
21 three of this act shall be deemed to have been in full force and effect
22 on and after April 1, 2014.
