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Sponsors
Senator · Senate District 59
No co-sponsors yet.
History
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 60–0
- Ordered to third reading cal.1645
- Committee discharged and committed to rules
- 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.
Relates to environmental zones
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:S7200
Title of bill
An act to amend the tax law, in relation to environmental zones
Purpose
This bill amends the tax law to designate environmental zones based on data from the 2010 census to ensure that the enhanced brownfield tax credits are going to projects located in the most economically distressed areas reflected by the most current economic data.
Summary of provisions
Section 1 amends the tax law to state that the Commissioner of Economic Development shall use the most recent census data rather than the 2000 census data when designating environmental zones for any qualified site which the Department of Environmental Conservation has issued a notice to the taxpayer on or after July 1, 2014 that its request for participation has been accepted.
With respect to any qualified site which the Department of Environmental Conservation has approved between January 1, 2011 and June 30, 2014, environmental zones shall be designated based on criteria using data from either the 2000 or most recent census. The Commissioner shall make such designations and a list of all such environmental zones before the later of ninety days after the effective date of the chapter of the laws of 2014 that amended paragraph 6 of subsection (b) of section 21 of the tax law or ninety days following the official publication of the most recent census.
Section 2 states that this act shall take effect on July 1, 2014 and shall apply to any qualified sites for which the Department of Environmental Conservation has issued a notice to the taxpayer on or after January 1, 2011 that its request for participation has been accepted. This section further provides that the provisions of subparagraph (C) of paragraph (6) of subsection (b) of section 21 of the tax law shall apply to tax years beginning on and after January 1, 2014.
Justification
Under New York State's Brownfield Cleanup Program, tax credits are provided to taxpayers for the cleanup and redevelopment of contaminated brownfield sites.
Additional enhanced tax credits are provided to taxpayers who rehabilitate contaminated sites that are located in economically depressed areas designated as environmental zones. Currently, environmental zones are designated by the Commissioner of Economic Development if the qualified site meets criteria based on data from the 2000 census. This bill amends the tax law to designate environmental zones based on data from the most recent census. This important change will ensure that enhanced tax credits are going towards projects that are located in the most economically distressed areas based on the most recent economic data.
Projects that are accepted into the Brownfield Cleanup Program 'after July 1, 2014 will receive the enhanced tax credits only if they are located in an environmental zone based on the most recent census data. Projects that were accepted into the Brownfield Cleanup Program between January 1, 2011 and June 30, 2014 will receive the enhanced tax credits if they are located in an environmental zone based on either the most recent census data or data from the 2000 census. Existing projects that are in an environmental zone pursuant to data from the 2000 census will continue to receive the enhanced tax credits.
Legislative history
New bill.
Fiscal implications
To be determined.
Effective date
This act shall take effect July 1, 2014.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.