Amd SS27-1405, 27-1407, 27-1419, 27-1431 & 56-0501, add S27-1437, En Con L; amd SS21 & 171-r, Tax L; amd
S970-r, Gen Muni L; amd Part H S31, Chap 1 of 2003; amd S1285-q, Pub Auth L
Relates to the eligibility for participation in the brownfield cleanup program; makes appropriation therefor.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A9967
SPONSOR: Rules (Sweeney) TITLE OF BILL: An act to amend the environmental conservation law,
the tax law and the general municipal law, in relation to eligibility
for participation in the brownfield cleanup program, and assignment of
the brownfield redevelopment tax credits; to amend part H of chapter 1
of the laws of 2003, amending the tax law relating to brownfield rede-
velopment tax credits, remediated brownfield credit for real property
taxes for qualified sites and environmental remediation insurance cred-
its, in relation to tax credits for certain sites; to amend the public
authorities law and the environmental conservation law, in relation to
the environmental restoration program; and making an appropriation
therefor
PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to reau-
thorize long-term financing for the State Superfund Program, to modify
the Brownfield Cleanup Program (BCP) and to extend the BCP tax credits.
SUMMARY OF SPECIFIC PROVISIONS:
This bill would:
* extend the BCP tax credits until December 31, 2025;
* authorize the refinancing the State Superfund Program until December
31, 2025;
* appropriate $100 million for the State Superfund Program for State
Fiscal year 2014-15;
* modify BCP eligibility and tax credits;
* authorize funding for the Environmental Restoration Program;
* establish a voluntary program for applicants who wish to receive a
liability waiver only; and,
* provide additional BCP tax credits for the development of affordable
housing, Track 1 clean ups, brownfield opportunity areas, and environ-
mental zones.
JUSTIFICATION: The Brownfield Cleanup Program tax credits are set to
expire March 31, 2015 and a portion of the funding authorization for the
State Superfund program expired March 31, 2013. This legislation repres-
ents an effort to modify the program, authorize Superfund refinancing,
and extend the Brownfield Cleanup Program tax credits.
PRIOR LEGISLATIVE HISTORY: This is new legislation.
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS: To be deter-
mined.
EFFECTIVE DATE: This act shall take effect immediately; provided that
sections fourteen, fifteen and seventeen of this act shall be deemed to
have been in full force and effect on and after April 1, 2014; and
provided, further that sections one, two, three, five, six, eight, nine,
ten, twelve and sixteen of this act shall take effect January 1, 2018.
