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History
- Referred 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 Crystal Peoples-Stokes
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3764
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 pilot program to support remediation and economic development initiatives within Erie County.
Summary of specific provisions
Section one amends the tax law by adding a new section 23-a to provide an asbestos remediation tax credit pilot program for qualifying structures located within Erie County. The amount of the credit shall be 50% 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 in the aggregate 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
Asbestos is prevalent in many aging structures throughout Erie County neighborhoods. The costs associated with safe and legal asbestos remediation often render development and reinvestment cost prohibitive. Additionally, this disincentive results in abandonment and blight.
Many potentially transformational projects within Erie County are saddled with asbestos remediation costs that are simply unaffordable. These projects represent the largest opportunities for economic redevelopment and reinvestment in Erie County. Leveling the playing field for developers will encourage more investment, promote smart growth by addressing safety issues that result from blight and put people back to work rebuilding their communities.
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, 2013.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.