STATE OF NEW YORK ________________________________________________________________________ 1995 2025-2026 Regular Sessions IN ASSEMBLY January 14, 2025 ___________ Introduced by M. of A. PEOPLES-STOKES -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to providing an asbestos reme- diation tax credit The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The tax law is amended by adding a new section 23-a to read 2 as follows: 3 § 23-a. Asbestos remediation credit. (a) Definitions. As used in this 4 section, the following terms shall have the following meanings: 5 (1) Qualified structure. "Qualified structure" shall mean a building 6 (i) principally used by the taxpayer for residential, industrial, 7 commercial, recreational or environmental conservation purposes, (ii) 8 which was originally placed in service at least twenty-five years prior 9 to the taxable year in which the credit is claimed, and (iii) that is at 10 least partially situated within Erie county. 11 (2) Eligible costs. "Eligible costs" shall mean all amounts properly 12 chargeable to a capital account, which are incurred in direct connection 13 to asbestos remediation of a qualified asbestos project. 14 (3) Qualified asbestos project. "Qualified asbestos project" shall be 15 an asbestos project as defined in section nine hundred one of the labor 16 law and undertaken by the taxpayer, on a qualified structure, and 17 completed pursuant to the applicable regulations at part fifty-six of 18 title twelve of the official compilation of rules and regulations of the 19 state. 20 (b) Asbestos remediation credit. (1) Allowance of credit. A taxpayer 21 who has undertaken a qualified asbestos project on a qualified struc- 22 ture, and who is subject to tax under article nine, nine-A or twenty-two 23 of this chapter, shall be allowed a credit against such tax, pursuant to 24 the provisions referenced in subdivision (c) of this section. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD04501-01-5A. 1995 2 1 (2) Amount of credit. The amount of the credit shall be fifty percent 2 of all eligible costs which are incurred in the taxable year, as a 3 result of asbestos remediation with a qualified asbestos project. The 4 credit shall be allowed for the taxable year in which the qualified 5 asbestos project is first commenced and for the next two succeeding 6 taxable years. The credit authorized pursuant to this section shall not 7 exceed one million dollars in the aggregate for the three taxable years 8 allowed and claimed. The costs, expenses and other amounts for which a 9 credit is allowed and claimed under this subdivision shall not be used 10 in the calculation of any other credit allowed under this chapter. 11 (c) Cross-references. For application of the credit provided for in 12 this section, see the following provisions of this chapter: 13 Article 9: Section 187-t. 14 Article 9-A: Section 210-B, subdivision 61. 15 Article 22: Section 606, subsections (i) and (bbb). 16 § 2. The tax law is amended by adding a new section 187-t to read as 17 follows: 18 § 187-t. Asbestos remediation credit. 1. Allowance of credit. A 19 taxpayer shall be allowed a credit, to be computed as provided in 20 section twenty-three-a of this chapter, against the taxes imposed by 21 this article. Provided, however, that the amount of such credit allow- 22 able against the tax imposed by section one hundred eighty-four of this 23 article shall be the excess of the amount of such credit over the amount 24 of any credit allowed by this section against the tax imposed by section 25 one hundred eighty-three of this article. 26 2. Application of credit. The credit under this section for any taxa- 27 ble year shall not reduce the tax due for such year to less than the 28 applicable minimum tax prescribed by this article. If, however, the 29 amount of credit allowable under this section for any taxable year 30 reduces the tax to such amount, any amount of credit not deductible in 31 such taxable year shall be treated as an overpayment of tax to be 32 refunded in accordance with the provisions of section one thousand 33 eighty-six of this chapter. Provided, however, the provisions of 34 subsection (c) of section one thousand eighty-eight of this chapter 35 notwithstanding, no interest shall be paid thereon. 36 § 3. Section 210-B of the tax law is amended by adding a new subdivi- 37 sion 61 to read as follows: 38 61. Asbestos remediation credit. (a) Allowance of credit. A taxpayer 39 who has undertaken a qualified asbestos project on an existing structure 40 shall be allowed a credit, to be computed as provided in section twen- 41 ty-three-a of this chapter, against the tax imposed by this article. 42 (b) Application of credit. The credit allowed under this subdivision 43 for any taxable year shall not reduce the tax due for such year to less 44 than the higher amount prescribed in paragraph (d) of subdivision one of 45 section two hundred ten of this article. However, if the amount of 46 credits allowed under this subdivision for any taxable year reduces the 47 tax to such amount, any amount of credit thus not deductible in such 48 taxable year shall be treated as an overpayment of tax to be credited or 49 refunded in accordance with the provisions of section one thousand 50 eighty-six of this chapter. Provided, however, the provisions of 51 subsection (c) of section one thousand eighty-eight of this chapter 52 notwithstanding, no interest shall be paid thereon. 53 § 4. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 54 of the tax law is amended by adding a new clause (lii) to read as 55 follows:A. 1995 3 1 (lii) Asbestos remediation credit Amount of credit under 2 under subsection (bbb) subdivision sixty-one of 3 section two hundred ten-B 4 § 5. Section 606 of the tax law is amended by adding a new subsection 5 (bbb) to read as follows: 6 (bbb) Asbestos remediation credit. (1) Allowance of credit. A taxpayer 7 who has undertaken a qualified asbestos project on an existing structure 8 shall be allowed a credit, to be computed as provided in section twen- 9 ty-three-a of this chapter, against the tax imposed by this article. 10 (2) Application of credit. If the amount of the credit allowed under 11 this subsection for any taxable year shall exceed the taxpayer's tax for 12 such year, the excess shall be treated as an overpayment of tax to be 13 credited or refunded in accordance with the provisions of section six 14 hundred eighty-six of this article, provided, however, that no interest 15 shall be paid thereon. 16 § 6. This act shall take effect immediately and shall apply to taxable 17 years commencing on or after January 1, 2025.