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History
- Committed to rules
- Advanced to third reading
- 2nd report cal.
- 1st report cal.1068
- Reported and committed to finance
- Referred to investigations and government operations
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6942
Title of bill
An act to amend the tax law, in relation to brownfield site cleanup; and to repeal section 31 of part H of chapter 1 of the laws of 2003 amending the tax law relating to brownfield redevelopment tax credits, relating thereto
Purpose
To eliminate the sunset of the brownfields program; to extend time frames in relation to environmental zone designations; and to increase the tax credits allowed for environmental remediation insurance issued with respect to a qualified site.
Summary of specific provisions
Sections 1 and 2 amend the Tax Law in relation to environmental zones. The definition of "environmental zone" is amended to incorporate data from the most recent census. Time frames with respect to environmental zone designations are extended from two thousand ten to the year two thousand twelve.
Section 3 amends the Tax Law by increasing the tax credits allowed for environmental remediation insurance issued with respect to a qualified site from thirty thousand to ninety thousand dollars.
Section 4 repeals section 31 of part H of chapter 1 of the laws of 2003 amending the tax law relating to brownfield redevelopment tax credits.
Section 5 provides the effective date.
Justification
This bill would eliminate the March 31, 2015 sunset of the brownfield cleanup program (BCP). Projects take on average 2.8 years to obtain a certificate of completion, which is required to receive tax credits. Removal of the sunset is necessary to keep the program going because the sunset has effectively ceased inclusion of new projects under the BCP.
Further, this bill extends the time frames associated with environmental zone designations and allows for figures in the most recent census to inform the designation process.
Last, the tax credits allowed for environmental remediation insurance are increased from thirty thousand to ninety thousand dollars. This comes in response to a fourfold increase in the cost of insurance since 2004.
Prior legislative history
New bill.
Fiscal implications
Minimal.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.