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.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A8011
SPONSOR: Rivera TITLE OF BILL:
An act to extend the duration of certain brownfield redevelopment and
remediation tax credits for certain sites
PURPOSE OR GENERAL IDEA OF BILL:
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 SPECIFIC PROVISIONS:
Section 1. grants a site in Lackawanna, Erie County with a brownfield
cleanup agreement prior to June 23, 2008, eligibility for the brownfield
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.
PRIOR LEGISLATIVE HISTORY:
New bill
FISCAL IMPLICATIONS:
No immediate fiscal impact
EFFECTIVE DATE:
This law shall take effect immediately after it shall become a law.
