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Sponsors
1 Co-sponsor
History
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 50–6
- Ordered to third reading cal.1279
- Committee discharged and committed to rules
- Print number 6524a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Provides an asbestos remediation tax credit
In Assembly Committee · Ways And Means · Sponsor Robin Schimminger
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6524A
Title of bill
An act to amend the tax law, in relation to providing an asbestos remediation tax credit
Purpose
To create an asbestos tax credit to support remediation and economic development
Summary of specific provisions
Section one amends the tax law by adding a new section 23-a to provide an asbestos remediation tax credit. The amount of the credit shall be 20% of all eligible costs which are incurred in the taxable year, as a result of asbestos remediation with a qualified asbestos project. The credit shall not exceed one million dollars for the three taxable years allowed and claimed.
Sections two through five amend the tax law to provide for the allowance and application of an asbestos tax credit.
Section six provides the effective date.
Justification
Due to the presence of asbestos, structures in older, established neighborhoods throughout the State are faced with an uneven playing field for development and reinvestment. The costs necessary to safely and legally remediate asbestos from these structures (either for adaptive reuse or demolition and new build) are unfeasibly high and therefore perpetuate blight, abandonment and disinvestment.
Some of the larger, and potentially transformational projects in the State have asbestos remediation costs that are upwards of $4-5 million. Although these projects are not the norm, they represent the largest catalytic opportunities for economic redevelopment and reinvestment in our cities and regions. By placing a $1 million cap on claimable credits for asbestos remediation the State will guide transformational private capital investment into existing infrastructure and assets, and begin to address this real public safety concern and unavoidable hurdle to smart growth redevelopment.
Prior legislative history
New bill.
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately and shall apply to taxable years commencing on or after January 1, 2012.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.