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A03607 Memo:

submitted in accordance with Assembly Rule III, Sec 1(f)
SPONSOR: Pretlow
  TITLE OF BILL: An act to amend the tax law, in relation to brownfield redevelopment tax credit   PURPOSE: This bill would provide an alternative funding mechanism to munici- palities to encourage the cleanup of brown fields throughout the state.   SUMMARY OF PROVISIONS: Section 1: subdivision (a) of section 21 of the tax law, as amended by section 1 of part H of chapter. 577 of the laws of 2004, paragraph 1 as amended by section 39 of part A of chapter 59 of the laws of 2014, Section 2: Paragraph 3 of subdivisions (b)of section 21 of the tax law, as amended by chapter 420 of the laws of 2006 Section 3: Effective date:   JUSTIFICATION: New York State enacted the brownfield redevelopment program to encourage the cleanup and development of environmentally contaminated sites throughout the state,. To provide an incentive for developers to partic- ipate, a brownfield redevelopment tax credit was provided which consists of the following 3 components - site preparation costs, costs of tangi- ble personal property, and on-site groundwater remediation costs. As participation in the program increases, there may be circumstance in which a municipality may incur certain costs relation to preparation and remediation. Under current law, these costs would be borne directly by the locality. This proposal would provide. an incentive to a munici- pality, if they choose to participate, to qualify for a reimbursement of the specified costs they may incur in brownfield redevelopment. This legislation would encourage localities throughout the State to increase their investment in cleaning up and developing environmentally contam- inated sites.   LEGISLATIVE HISTORY: A1892 2021-2022 referred to ways & means A2666 2019-2020 referred to ways & means A1780 2017/2018 referred to ways and means A 3618 2013-14 referred to ways & means new bill. 01/07/15 referred to ways and means 01/06/16 referred to ways and means   FISCAL IMPLICATIONS: Because the reimbursement is offset directly by a reduction in the tax credit, this bill would have no impact on the financial plan.   EFFECTIVE DATE: This act shall take effect immediately, and shall apply to all qualified sites from the date on which the brownfield site clean-up agreement with respect to such qualified site was entered into, including without limi- tation those brownfield site clean-up agreements entered into prior to the date hereof.
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