•  Summary 
  •  
  •  Actions 
  •  
  •  Committee Votes 
  •  
  •  Floor Votes 
  •  
  •  Memo 
  •  
  •  Text 
  •  
  •  LFIN 
  •  
  •  Chamber Video/Transcript 

A08011 Summary:

BILL NOA08011
 
SAME ASNo Same As
 
SPONSORRivera
 
COSPNSRBurke
 
MLTSPNSR
 
 
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.
Go to top    

A08011 Actions:

BILL NOA08011
 
09/01/2023referred to ways and means
01/03/2024referred to ways and means
Go to top

A08011 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8011
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                    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:

     1    Section  1.  (a)  Notwithstanding  any provision of law, rule or regu-
     2  lation to the contrary, any site for  which  (i)  a  brownfield  cleanup
     3  agreement  with the department of environmental conservation was entered
     4  into prior to June 23, 2008 with respect to a site  located  within  the
     5  Renaissance  Commerce  Park  situate within the city of Lackawanna, Erie
     6  county, (ii) which received a certificate of  completion  on  or  before
     7  December  31, 2017, and (iii) that has not otherwise had property placed
     8  in service upon such a site as of the effective date of this act,  shall
     9  be  an  eligible  site  for purposes of the brownfield redevelopment tax
    10  credits available to such a site pursuant to section 21 of the  tax  law
    11  as  in  effect  for  such  a  site  as of the effective date of this act
    12  provided the site preparation component shall be allowed for all  appli-
    13  cable  costs incurred on such a site prior to and within the tax year in
    14  which improvements on such a site are placed in service, and for a seven
    15  year period following the year property is first placed in service  upon
    16  such  a  site,  provided, such a date occurs prior to the 2036 tax year,
    17  the on-site ground water remediation component shall be allowed for  all
    18  applicable  costs  incurred  on  such a site prior to and within the tax
    19  year in which improvements on such a site are placed in service, and for
    20  a seven year period following the  year  property  is  first  placed  in
    21  service upon such a site, provided, such a date occurs prior to the 2036
    22  tax  year,  and  the tangible property credit component shall be allowed
    23  for all applicable costs incurred on such a site prior to and within the
    24  tax year in which improvements on such a site are placed in service, and
    25  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
 
     1  placed in service upon such a site, provided such a date occurs prior to
     2  the 2036 tax year.
     3    (b) In addition, any site for which (i) a brownfield cleanup agreement
     4  with the department of environmental conservation was entered into prior
     5  to  June  23, 2008 with respect to a site located within the Renaissance
     6  Commerce Park situate within the city of Lackawanna, Erie  county,  (ii)
     7  which  received  a  certificate  of completion on or before December 31,
     8  2017, and (iii) that has not otherwise had property  placed  in  service
     9  upon  such a site as of the effective date of this act shall be eligible
    10  to claim the tax credit for remediated brownfields available to  such  a
    11  site  pursuant to section 22 of the tax law as in effect for such a site
    12  as of the effective date of this act  provided  the  benefit  period  as
    13  applicable  thereto  shall  be  deemed  to be a ten-consecutive-tax-year
    14  period beginning with the tax year in which improvements on such a  site
    15  are  placed  in  service  where said benefit period shall begin no later
    16  than the 2036 tax year.
    17    (c) Further, any site for which (i)  a  brownfield  cleanup  agreement
    18  with the department of environmental conservation was entered into prior
    19  to  June  23, 2008 with respect to a site located within the Renaissance
    20  Commerce Park situate within the city of Lackawanna, Erie  county,  (ii)
    21  which  received  a  certificate  of completion on or before December 31,
    22  2017, and (iii) that has not otherwise had property  placed  in  service
    23  upon  such  a  site  as  of  the effective date of this act, shall be an
    24  eligible site for purposes of claiming the  tax  credit  for  remediated
    25  brownfields  available  to such a site pursuant to section 22 of the tax
    26  law, provided that such developer as defined under section 22 of the tax
    27  law has purchased or in any other way  has  been  conveyed  all  or  any
    28  portion of such a site from any other party who or which has been issued
    29  a  certificate  of  completion  with  respect  to  such site and further
    30  provided that such purchase or conveyance occurs no later than the  2036
    31  tax year.
    32    § 2. This act shall take effect immediately.
Go to top