STATE OF NEW YORK
________________________________________________________________________
3112
2011-2012 Regular Sessions
IN SENATE
February 9, 2011
___________
Introduced by Sen. KRUEGER -- read twice and ordered printed, and when
printed to be committed to the Committee on Investigations and Govern-
ment Operations
AN ACT to amend the tax law, in relation to a brownfield redevelopment
tax credit
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subparagraph (A) of paragraph 3-a of subdivision (a) of
2 section 21 of the tax law, as added by chapter 390 of the laws of 2008,
3 is amended to read as follows:
4 (A) Notwithstanding any other provision of law to the contrary, the
5 tangible property credit component available pursuant to paragraph three
6 of this subdivision for (i) any qualified site [pursuant to paragraph
7 three of this subdivision] as defined in this section and (ii) any site
8 for which a denial of a request for participation in the brownfield
9 cleanup program under section 27-1407 of the environmental conservation
10 law has been overturned by a court of competent jurisdiction shall not
11 exceed thirty-five million dollars or three times the costs included in
12 the calculation of the site preparation credit component and the on-site
13 groundwater remediation credit component under paragraphs two and four,
14 respectively, of this subdivision, whichever is less; provided, however,
15 that: (1) in the case of a qualified site to be used primarily for manu-
16 facturing activities, the tangible property credit component available
17 for any qualified site pursuant to paragraph three of this subdivision
18 shall not exceed forty-five million dollars or six times the costs
19 included in the calculation of the site preparation credit component and
20 the on-site groundwater remediation credit component under paragraphs
21 two and four, respectively, of this subdivision, whichever is less; and
22 (2) the provisions of this paragraph shall not apply to any qualified
23 site for which the department of environmental conservation has issued a
24 notice to the taxpayer before June twenty-third, two thousand eight that
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07817-01-1
S. 3112 2
1 its request for participation has been accepted under subdivision six of
2 section 27-1407 of the environmental conservation law.
3 § 2. This act shall take effect immediately and shall be deemed to
4 have been in full force and effect on and after July 21, 2008.
