What's happening
This bill creates a tax credit for asbestos remediation projects in older buildings in New York, covering 20% of eligible costs.
Why it matters
Incentivizes safer, healthier environments. By offering a financial incentive for asbestos removal in buildings over 25 years old, the bill encourages property owners to address hazardous materials that pose serious long-term health risks, protecting occupants and workers.
Targets revitalization of aging infrastructure. The credit applies specifically to older buildings used for residential, commercial, industrial, recreational, or environmental conservation purposes, promoting investment in the upkeep and modernization of New York’s aging building stock.
Limited double-dipping and capped benefit. The bill explicitly prevents taxpayers from claiming other state credits for the same remediation costs and sets a cumulative cap of $1 million in credits per project across three years, ensuring the benefit is targeted and not exploited for excessive subsidy.
Immediate financial impact with refundability. If the tax credit exceeds a taxpayer’s liability, the excess is refundable (although without interest), making it more accessible to owners with lower tax burdens and ensuring cash flow support for remediation projects.
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Who cares
Homeowners undertaking asbestos removal
The bill would offer a refundable credit for 20% of eligible remediation costs on qualifying homes placed in service at least 25 years earlier.
Businesses remediating older buildings
Eligible taxpayers could claim up to $1 million over three taxable years for qualifying asbestos projects, but could not use the same costs to calculate another state tax credit.
Asbestos abatement contractors
The credit would subsidize qualifying projects completed under the state's asbestos regulations, potentially encouraging customers to undertake remediation.
Headline styles
Asbestos Cleanup Tax Credit
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Print number 3334a
- Amend and recommit to ways and means
- Referred to ways and means
- Referred to ways and means
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.
Asbestos Cleanup Tax Credit
In Senate Committee · Investigations And Government Operations · Sponsor Robert Ortt
Full text
3 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
3334--A
2017-2018 Regular Sessions
IN ASSEMBLY
January 27, 2017
Introduced by M. of A. RYAN -- read once and referred to the Committee on Ways and Means -- recommitted to the Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee
AN ACT to amend the tax law, in relation to providing an asbestos remediation tax credit
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The tax law is amended by adding a new section 23-a to read as follows:
§ 23-a. Asbestos remediation credit. (a) Definitions. As used in this section, the following terms shall have the following meanings:
(1) Qualified structure. "Qualified structure" shall mean (i) a building, principally used by the taxpayer for residential, industrial, commercial, recreational or environmental conservation purposes, and (ii) which was originally placed in service at least twenty-five years prior to the taxable year in which the credit is claimed.
(2) Eligible costs. "Eligible costs" shall mean all amounts properly chargeable to a capital account, which are incurred in direct connection to asbestos remediation of a qualified asbestos project.
(3) Qualified asbestos project. "Qualified asbestos project" shall be an asbestos project as defined in section nine hundred one of the labor law and undertaken by the taxpayer, on a qualified structure, and completed pursuant to the applicable regulations at part fifty-six of title twelve of the official compilation of rules and regulations of the state.
(b) Asbestos remediation credit. (1) Allowance of credit. A taxpayer who has undertaken a qualified asbestos project on a qualified structure, and who is subject to tax under article nine, nine-A or twenty-two
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04320-03-8
A. 3334--A 2
of this chapter, shall be allowed a credit against such tax, pursuant to the provisions referenced in subdivision (c) of this section.
(2) Amount of credit. The amount of the credit shall be twenty percent of all eligible costs which are incurred in the taxable year, as a result of asbestos remediation with a completed qualified asbestos project. The credit shall be allowed for the taxable year in which the qualified asbestos project is first commenced and for the next two succeeding taxable years. The credit authorized pursuant to this section shall not exceed the total sum of one million dollars for the three taxable years allowed and claimed. The costs, expenses and other amounts for which a credit is allowed and claimed under this subdivision shall not be used in the calculation of any other credit allowed under this chapter.
(c) Cross-references. For application of the credit provided for in this section, see the following provisions of this chapter:
Article 9: Section 187-q.
Article 9-A: Section 210-B, subdivision 53.
Article 22: Section 606, subsections (i) and (ccc).
§ 2. The tax law is amended by adding a new section 187-q to read as follows:
§ 187-q. Asbestos remediation credit. 1. Allowance of credit. A taxpayer shall be allowed a credit, to be computed as provided in section twenty-three-a of this chapter, against the taxes imposed by this article. Provided, however, that the amount of such credit allowable against the tax imposed by section one hundred eighty-four of this article shall be the excess of the amount of such credit over the amount of any credit allowed by this section against the tax imposed by section one hundred eighty-three of this article.
2. Application of credit. The credit under this section for any taxable year shall not reduce the tax due for such year to less than the applicable minimum tax prescribed by this article. If, however, the amount of credit allowable under this section for any taxable year reduces the tax to such amount, any amount of credit not deductible in such taxable year shall be treated as an overpayment of tax to be refunded in accordance with the provisions of section one thousand eighty-six of this chapter. Provided, however, the provisions of subsection (c) of section one thousand eighty-eight of this chapter notwithstanding, no interest shall be paid thereon.
§ 3. Section 210-B of the tax law is amended by adding a new subdivision 53 to read as follows:
53. Asbestos remediation credit. (a) Allowance of credit. A taxpayer who has undertaken a qualified asbestos project on an existing structure shall be allowed a credit, to be computed as provided in section twenty-three-a of this chapter, against the tax imposed by this article.
(b) Application of credit. The credit allowed under this subdivision for any taxable year shall not reduce the tax due for such year to less than the higher amount prescribed in paragraph (d) of subdivision one of this section. However, if the amount of credits allowed under this subdivision for any taxable year reduces the tax to such amount, any amount of credit thus not deductible in such taxable year shall be treated as an overpayment of tax to be credited or refunded in accordance with the provisions of section one thousand eighty-six of this chapter. Provided, however, the provisions of subsection (c) of section one thousand eighty-eight of this chapter notwithstanding, no interest shall be paid thereon.
A. 3334--A 3
§ 4. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 of the tax law is amended by adding a new clause (xliv) to read as follows:
(xliv) Asbestos remediation Amount of credit under credit under subsection (ccc) subdivision fifty-three of
section two hundred ten-B
§ 5. Section 606 of the tax law is amended by adding a new subsection (ccc) to read as follows:
(ccc) Asbestos remediation credit. (1) Allowance of credit. A taxpayer who has undertaken a qualified asbestos project on an existing structure shall be allowed a credit, to be computed as provided in section twenty-three-a of this chapter, against the tax imposed by this article.
(2) Application of credit. If the amount of the credit allowed under this subsection for any taxable year shall exceed the taxpayer's tax for such year, the excess shall be treated as an overpayment of tax to be credited or refunded in accordance with the provisions of section six hundred eighty-six of this article, provided, however, that no interest shall be paid thereon.
§ 6. This act shall take effect immediately and shall apply to taxable years commencing on or after such date.
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