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Who cares
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Sponsors
Senator · Senate District 5
No co-sponsors yet.
History
- Referred to investigations and government operations
- Referred to investigations and government operations
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3611
Title of bill
An act to amend chapter 1 of the laws of 2003, amending the tax law relating to brownfield redevelopment tax credits, remediated brownfield credit for real property taxes for qualified sites, environ- mental remediation insurance credits, and amending the insurance law relating to qualification of environmental remediation insurance for tax credit; in relation to the applicability of certain tax credits
Purpose
Extends the deadline for the remediation certificates to be filed relating to certain tax credits.
Summary of provisions
Changes the date of expiration of the Brownfield tax credits from March 31, 2015 to March 31, 2030.
Justification
This bill would extend the brownfield tax credits until March 31, 2030. The current law allows the brownfield cleanup program tax credits to sunset on March 31, 2015. The extension of these credits is necessary to ensure that necessary work covered under the program continues. Projects under this initiative take almost three years to receive a completion certificate which is required to receive the tax credits. Not extending the sunset date will hamper progress and success of these necessary projects.
Legislative history
2012: S. 7368 Investigations and Government Operations/No Same As
Fiscal implications
To be determined.
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.